Millennials make up over a third of the United States’ workforce. According to Time Magazine, the average millennial begins saving for retirement at age 22. Yet, it may not be enough when it comes time for them to retire. In order to retire comfortably, millennials will need to save more or work longer.
51 % Percent of millennials who don’t believe they will get Social Security benefits. 39 percent say that they will receive Social Security benefits, but at a reduced cost.
401(K)S ARE YOUR FRIEND
Most employers who offer a 401(k) plan also offer to match at least a portion of what their employees contribute. An employee match is like free money to get people closer to their savings goal.
4X Millennials are almost four times more likely to put their extra cash into a savings account. Building a retirement fund will take much longer this way. nerdwallet.com/blog/investing/millennials-save-22-percent-ofincome-for-retirement
According to a BlackRock report, millennials need to save 25 percent of their paycheck if they want to retire at 65. time.com/money/4631542/working-forever-is-lousy-retirement-plan
20 % LESS
Millennials earn 20 percent less than baby boomers did at the same age. miamiherald.com/news/business/article126472249.html
50 % Of Americans have delayed making payments into their retirement accounts in order to pay off student loan debt. huffingtonpost.com/bailey-childers/the-millennials-dilemmap_b_10123136.html
$1.8 MILLION VS. $2.5 MILLION
The amount of money older millennials, those born in the 1980s, will need to have saved in order to retire. The amount of money younger millennials, those born in the 1990s, will need to have saved in order to retire.
MOLLEE JAKUBISIN is a third-year public relations student at the University of Florida with a concentration in English. She plans to travel through Europe in the near future. Until then, Mollee will spend her time reading, laughing with friends and family, and dreaming about the day she can finally afford to have her own puppy.