Unlike Boomers, Millennials Appear to Be Super Savers reports that Millennials are saving earlier than their parents for retirement. According to the report, the average savings for mass-affluent ($50,000 to $250,000 in assets) Millennials (ages 18-34) is $55,000. The experience of growing up through two major bear markets and two major recessions makes this group more aware of not saving.
Many Millennials start investing at 22 (versus 35 for Baby Boomers) and over 70% participate in their companies' 401K plans. In addition, less than half plan to rely on public programs for retirement.
Based on this report, it appears that Millennials are actively taking charge of their retirement future, which is good since companies and the government can no longer guarantee a comfortable retirement.
For more on Crossing Generations, check back every Thursday for a new segment.
This is not financial advice. Please consult a professional advisor.
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