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Hey Millennials, you can save $1 million for retirement

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Millennials shouldn't let a modest salary deter them from saving for retirement, as deferrals as low as 5 percent may be able to get them closer to $1 million saved by age 65.

More than half of men and nearly three-quarters of women ages 22 to 35 believe they won't be able to accumulate $1 million in savings, according to the Wells Fargo Millennial Study.

It's easy to see why they feel that way.

The median personal income of the men surveyed was $39,100 and $28,800 for the women.

Millennials pointed to significant hurdles that stand between them and retirement security.

For instance, half of the men said their finances were stretched too thin to save for retirement, while 61 percent of women shared the same sentiment.

Slightly more than half of the women said they were living paycheck to paycheck, and 43 percent of the men said the same. The survey of 1,000 millennials was conducted online in April.

College borrowing clearly has encumbered many of these millennials: To that point, 34 percent said that they owe money on student loans, with a median debt amount of $19,978. Three-quarters of those with student loan debt said the debt has become "unmanageable."

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