<prompt> Human: Hi guys, quick question here. I am currently 24 year old, have a full time job that pays above average for my type of work as well as my age, and I was thinking about saving for retirement.However, a colleague said it was probably not worth it and better invested in something properly, stocks etc due to the possible inflation that can occur to money in the next 40 years before I retire. Anyone have a comment on this?  <response>: Saving for retirement does not mean putting the money in a low interest saving account. It means investing it in mutual funds, stocks, and bonds. Targeted risk depends on when you plan to retire.Things like an IRA will allow you to reduce your taxable income today and withdraw it when your taxes are lower. For example if you are in the 25 tax bracket and invest 5500 into an IRA it would reduce you taxes owed by 1350. The higher the tax bracket the more you save today.There are also 401ks that reduce taxable income. Take advantage of these today. 