Young people may be underestimating how much money they need to fund their futures. Source: Pixabay: CC0 Creative Commons
The majority of Millennials aren't saving anything for retirement, and those who are saving aren't putting away enough money, according to a report from the National Institute on Retirement Security. The report found 66 percent of working Millennials have nothing saved, and just 5 percent are saving adequately for retirement. Two-thirds of young adults work for an employer that offers a retirement plan, but just 34.3 percent participate. On the other hand, as 10,000 baby boomers are expected to reach retirement age daily-and living longer-many are finding that their savings may not be enough to live comfortably during their golden years. Chris Lu explains.
The majority of Millennials aren't saving anything for retirement, and those who are saving aren't putting away enough money, according to a report from the National Institute on Retirement Security. The report found 66 percent of working Millennials have nothing saved, and just 5 percent are saving adequately for retirement. Two-thirds of young adults work for an employer that offers a retirement plan, but just 34.3 percent participate. On the other hand, as 10,000 baby boomers are expected to reach retirement age daily-and living longer-many are finding that their savings may not be enough to live comfortably during their golden years. Chris Lu explains.
