If You’re This Old, You’re WAY Behind On Your Retirement Savings
Repeat after us: Save money!
Jaaak/ShutterstockMillennials, with their Bitcoin and bell-bottom jeans, are up to it again. That’s right, young folks are rebelling and sticking it to the man by not saving for retirement as much as their predecessors, according to CNBC.
Forget about Woodstock. The new Woodstock is in a trendy part of town where funds that should be allotted toward a cozy post-65 life are being spread out across an extensive avocado toast budget, for instance. A new study from the Wells Fargo Investment Institute revealed that 41 percent of people aged 17 to 35 haven’t even put a penny away yet for retirement. (These are the best cities to retire in the U.S., by the way.)
Part of the reason may be how much dough they’re raking in; currently, millennial median household income is just $48,039, around 20 percent lower than the average the Baby Boomers earned at that point in their lives.
Millennials are also spending differently than previous generations; with an average of $2,915 per year going toward travel, according to TripAdvisor (these are things that millennials have “killed.”)
Another notable disparity between this generation and generations past are the cards they were already dealt entering adulthood. Thirty-four percent of millennials have student debt and the median debt is $20,000 dollars.
They’re making less and putting less away—after all, money does buy happiness if you pay for the right things. For millennials trying to kickstart your savings, maybe try moving to one of these cities—you’re guaranteed to get more bang for your buck.