66% Of Millennials Have Nothing Saved For Retirement
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Title : 66% Of Millennials Have Nothing Saved For Retirement
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Title : 66% Of Millennials Have Nothing Saved For Retirement
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news-today.world | (CNN Money) — Most Millennials are not on track when it comes to saving for retirement.
That’s no surprise. After paying bills, rent and making student loan payments, there’s often not much leftover each month for young people, many of whom entered the workforce at a time of stagnant wages and high unemployment.
But a new report shows just how far off track they might be. About 66% of people between the ages of 21 and 32 have absolutely nothing saved for retirement, according to the National Institute on Retirement Security. The report is based on Census data collected in 2014.
That’s no surprise. After paying bills, rent and making student loan payments, there’s often not much leftover each month for young people, many of whom entered the workforce at a time of stagnant wages and high unemployment.
But a new report shows just how far off track they might be. About 66% of people between the ages of 21 and 32 have absolutely nothing saved for retirement, according to the National Institute on Retirement Security. The report is based on Census data collected in 2014.
“I see in practice that a lot of us are putting retirement down the goal priority list, in favor of paying off student debt or buying homes,” said Douglas Boneparth, a certified financial planner and author of The Millennial Money Fix.
Waiting to save could significantly delay retirement. You’ll be missing out on valuable years of compounding returns.
More
Waiting to save could significantly delay retirement. You’ll be missing out on valuable years of compounding returns.
More
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