(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.
“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.
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9 comments:
They have plenty of money to eat out all the time. They love spending $40 a person for brunch on weekend because you know they deserve to treat themselves.
Between the ages of 21 and 32, most figure they have plenty of time to save later. We all can remember a time in our lives that we thought we would live forever. You have to age a little to think about the prospect of getting old, and the consequences of old age. Millennials are not thinking about deferred gratification to spend when they're old. They are all about living (and spending) for now, and enjoying their lives to the max. There is nothing, and I mean nothing, wrong with that.
Good send there broke A.. to Syria since they love Snowflakes.
Not surprising at all. They are "banking" on their parents for inheritance.
Errrrrrrrrrrrrrrrrrrrrrrrrr....
Big deal they'll simply vote themselves your retirement that you've working for your entire life.
Big deal I didn't start saving for retirement until I was 37 and I retired at age 58.
There's no time like the present. Ditch the credit cards, look hard at your spending, make changes that are good for you. Don't expect the government to take care of you in anything better than rice-and-beans style.
March 9, 2018 at 7:13 PM:
Government worker, no doubt.
I started saving for retirement when I was 58 and I retired when I was 58.And yes I was a government worker.I cashed in everything I had not used up and lived on what I received monthly vs an actual savings.I'm 65 now and happy to get away from it all.
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