Move over, “looks-maxxing” and “vibes-maxxing.” Gen Z has a new obsession that’s been trending on social media: “retirement-maxxing.” And the numbers suggest they’ve long been onto something.
According to a 2025 Vanguard study, 47% of workers ages 24 to 28 are projected to have enough money to maintain their current lifestyle in retirement — the highest percentage of any generation.
And it’s not just that Gen Z has been on track, they’ve gotten earlier starts, too. The share of Gen Z households with retirement accounts is three times higher than it was for Gen Xers at the same age, according to a 2024 report from the Investment Company Institute (ICI).
If you’re in this cohort and feel behind, here are three simple ways to take your retirement savings to the next level.
How to start retirement-maxxing
Start now, even if it’s small
Gen Z isn’t waiting around to start putting their money in the market. Members of this generation began investing at an average age of 19, according to the Charles Schwab 2024 Modern Wealth Survey. Compare that to millennials, who started at 25; Gen X, at 32; and baby boomers, who waited until 35.
Clearly, given Gen Z’s head start, you don’t need a big salary to begin. Most major online brokerages these days let you get started with little or no money upfront. The below offer zero account minimums and commission-free trading. Once you open an account, you can invest as little as $25 or $50 per month to get your feet wet. The goal isn’t to save a huge amount right away; it’s to start early and give your money more time to grow.
Fidelity Investments
-
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum to open a Fidelity Go® account, but minimum $10 balance for robo-advisor to start investing.
-
Fees
Fees may vary depending on the investment vehicle selected. Zero commission fees for stock, ETF, options trades and some mutual funds; zero transaction fees for over 3,400 mutual funds; $0.65 per options contract. Fidelity Go® has no advisory fees for balances under $25,000 (0.35% per year for balances of $25,000 and over, which includes access to unlimited 30-minute coaching calls with a Fidelity advisor and tax-loss harvesting on taxable accounts).
-
Bonus
None currently. Check Fidelity’s promotions page for the latest offers here.
-
Investment vehicles
Robo-advisor: Fidelity Go® IRA: Traditional, Roth and Rollover IRAs Brokerage and trading: Fidelity Investments Trading Other: Fidelity Investments 529 College Savings; Fidelity HSA®
-
Investment options
Stocks, bonds, ETFs, mutual funds, CDs, options and fractional shares
-
Educational resources
Extensive tools and industry-leading, in-depth research from 20-plus independent providers
Pros
- No commission fees for stock, ETF, options trades
- No transaction fees for over 3,400 mutual funds
- Fidelity Go® portfolios use Fidelity Flex® mutual funds with zero expense ratios
- Human advisors manage day-to-day Fidelity Go® portfolio decisions
- Unlimited 30-minute coaching calls with a Fidelity advisor for accounts of $25,000 and over (at no extra cost)
- Tax-loss harvesting available on taxable Fidelity Go® accounts with $25,000 or more
- Abundant educational tools and resources with research from 20-plus independent providers
- 24/7 customer service
- Over 100 brick-and-mortar branches across the U.S. for face-to-face support
Cons
- Fidelity Go® has a 0.35% advisory fee per year for balances of $25,000 and over
- Fidelity Go® invests only in Fidelity Flex® mutual funds (no third-party ETFs or individual securities available)
- No socially responsible or ESG portfolio option through Fidelity Go®
- Some of Fidelity’s mutual funds require reaching specific thresholds
- Reports of platform outages during heavy trading days
Charles Schwab
-
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No account minimum for active investing through Schwab One® Brokerage Account. Automated investing through Schwab Intelligent Portfolios® requires a $5,000 minimum deposit
-
Fees
Fees may vary depending on the investment vehicle selected. Schwab One® Brokerage Account has no account fees, $0 commission fees for stock and ETF trades, $0 transaction fees for over 4,000 mutual funds and a $0.65 fee per options contract
-
Investment vehicles
Robo-advisor: Schwab Intelligent Portfolios® IRA: Charles Schwab Traditional, Roth, Rollover, Inherited and Custodial IRAs; plus, a Personal Choice Retirement Account® (PCRA) Brokerage and trading: Schwab One® Brokerage Account, Schwab Global Account™, Schwab Organization Account and Schwab Trading Powered by Ameritrade™
-
Investment options
Stocks, bonds, mutual funds, CDs and ETFs
-
Educational resources
Schwab offers courses, educational articles, videos, and webinars for investors at every level, plus advanced screeners, research tools, and market insights through the Schwab Center for Financial Research.
Pros
- $0 minimum deposit for active investing
- No commission fees for stock and ETF trades; no transaction fees for over 4,000 mutual funds
- thinkorswim® trading platform offers advanced charting, strategy testing and multi-device access
- Robo-advisor Schwab Intelligent Portfolios® available with no advisory fee or commissions
- Access to on-demand advice from Schwab investment professionals
- Nearly 400 brick-and-mortar branches across the U.S. for in-person support
Cons
- $5,000 minimum required for Schwab Intelligent Portfolios® robo-advisor
- $0.65 fee per options contract
- Tax-loss harvesting only available on balances of $50,000 or more within Intelligent Portfolios®
- High cash allocation requirement in Intelligent Portfolios® may limit returns compared to competitors
Robinhood
-
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum required to open an account or to start investing
-
Fees
Fees may vary depending on the investment vehicle selected. Commission-free trading; regulatory transaction fees and trading activity fees may apply
-
Bonus
Get a free stock added to your brokerage account when you link your bank account and fulfill the promotion conditions (keep it or sell after 2 trading days)
-
Investment vehicles
-
Investment options
Stocks, ETFs, options, fractional shares, IPOs, and select cryptocurrencies Robinhood Crypto (availability varies by location)
-
Educational resources
-
Terms apply. *(Review Robinhood disclosures here.)
Pros
- $0 minimum deposit to open an account and start investing immediately
- Commission-free trading on stocks, ETFs, options and crypto
- Get a free stock just for linking your bank account
- Access to fractional shares (own a piece of stock for just $1)
- Beginner-friendly app with built-in educational content
Cons
- No human advisor or managed portfolio option
- Fees outside of commissions may apply
Vanguard
-
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum to open a Vanguard account, but minimum $1,000 deposit to invest in many retirement funds; robo-advisor Vanguard Digital Advisor® requires minimum $100 to enroll.
-
Fees
Fees may vary depending on the investment vehicle selected. Zero commission fees for stock and ETF trades; zero transaction fees for over 3,000 mutual funds; $20 annual service fee for IRAs and brokerage accounts (waived with at least $50,000 in qualifying Vanguard assets or by opting into paperless statements); robo-advisor Vanguard Digital Advisor® charges approximately 0.15% net advisory fee annually (after fund revenue credits; 90-day fee waiver for new clients).
-
Bonus
-
Investment vehicles
Robo-advisor: Vanguard Digital Advisor® IRA: Vanguard Traditional, Roth, Rollover, Spousal and SEP IRAs Brokerage and trading: Vanguard Trading Other: Vanguard 529 Plan
-
Investment options
Stocks, bonds, mutual funds, CDs, ETFs and options
-
Educational resources
Retirement planning tools
Pros
- No commission fees for stock and ETF trades
- No transaction fees for over 3,000 mutual funds
- One of the largest ETF and mutual fund offerings available, with an average expense ratio of 0.07%
- Robo-advisor Vanguard Digital Advisor® available with 90-day fee-free trial and approximately 0.15% net annual advisory fee after that
- Three portfolio strategies available through Digital Advisor: all-index, active/index, and ESG
- Vanguard Personal Advisor® offers access to a team of financial advisors starting at $50,000; dedicated CFP access available at $500,000 through Personal Advisor Select®
- Vanguard 529 Plan helps you save for college early on
- Excellent customer service with phone and email access Monday through Friday
Cons
- $20 annual service fee for IRAs and brokerage accounts (waived at $50,000 in qualifying assets or with paperless statements)
- Vanguard Digital Advisor® requires $100 minimum to enroll and charges approximately 0.15% net advisory fee after 90-day trial
- Digital Advisor portfolios invest only in Vanguard funds (no access to third-party ETFs)
- Basic trading platform compared to competitors; limited research and data tools
- No cash management account
Webull
-
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum required to open an account or to start investing
-
Fees
Fees may vary depending on the investment vehicle selected. Commission-free trading on stocks, ETFs and options; regulatory transaction fees, exchange fees and options contract fees may apply.
-
Bonus
Rotating welcome promotions, including free stock awards and deposit match bonuses of up to 4% on qualifying deposits. Premium subscribers ($3.99/month or $40/year) also earn a 3.5% match on IRA contributions.
-
Investment vehicles
Brokerage account: Webull commission-free investing IRA: Traditional, Roth, Rollover IRAs Robo-advisor: Webull Smart Advisor
-
Investment options
Stocks, ETFs, options, fractional shares, IPOs, ADRs, OTC stocks, futures, US Treasuries, bonds and select cryptocurrencies through Webull Crypto
-
Educational resources
Webull offers educational resources, including beginner guides, advanced trading strategies and a paper trading simulator to practice risk-free with virtual funds.
Pros
- $0 minimum deposit to open an account and invest
- Commission-free trading stocks, ETFs, and options
- Advanced charting tools with 50+ technical indicators
- Extended trading hours available 24 hours a day, Monday through Friday, on select securities
- Paper trading simulator lets you practice strategies risk-free before investing real money
- Wide range of investment options including futures, bonds and crypto
- Access to tax-advantaged IRAs with a 3.5% contribution match through Webull Premium
Cons
- Self-directed platform (users are responsible for their own investment decisions with limited guidance)
- No mutual funds available
- Limited account types (no joint, custodial, trust or HSA accounts)
- Educational tools are limited compared to full-service brokerages
Shift your mindset: Retirement isn’t as far away as it feels
When you’re 24, retirement can feel like a lifetime away. You’re probably more focused on making rent than thinking about your 60s. But that distance is exactly what makes it easy to put off, and why starting early can be so powerful. The math rewards you for treating “future you” as a priority now, not later.
Take those Schwab averages, for example. Assuming a $500 monthly contribution and an average 7% annual return, with the money left invested through age 65, the Gen Zer who starts at 19 contributes $96,000 more than the baby boomer who starts at 35, but ends up with about $1.5 million more.
Try reframing retirement savings less as “sacrificing for someone you don’t know yet” and more as automating a decision you’ve already made. Setting up automatic transfers to a retirement account removes the temptation to skip a month and turns saving into a habit rather than a choice you have to make over and over.
No 401(k)? Open a Roth IRA
Not every entry-level job comes with a retirement plan, especially if you’re freelancing, working part time or just starting out. A Roth IRA lets you save for retirement on your own, with no employer required.
With a Roth IRA, you contribute after-tax dollars, meaning you don’t get a tax break today. In exchange, your money can grow tax-free, and qualified withdrawals in retirement are tax-free, too. That can be especially valuable for young savers who may be in a lower tax bracket early in their careers than they expect to be later on.
And if you land a job with a 401(k) down the line, you don’t have to choose between the two. You can contribute to both at the same time, giving you greater tax diversification in retirement.
You can diversify your portfolio with precious metals through these gold IRAs
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Initial Purchase Requirements
Minimum initial purchase requirement of $10,000
Minimum account balance of $25,000
Account set-up fee of $50. Storage fees of $100 or $15, depending on storage type. Annual account administration fee of $125. Terms apply.
Subscribe to the CNBC Select newsletter!
The CNBC Select Recommends newsletter delivers practical money tips each week along with expert-picked financial product recommendations. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every retirement article is based on rigorous reporting by our team of expert writers and editors. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and X to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
