Millennials are striving for early retirement. However, economic issues and longer life expectancy present significant challenges to this ambitious goal! Certified Financial Planner, Paul Fain, discusses saving and investing for retirement…someday!
PAUL, WHAT IS “EARLY RETIREMENT” TO A MILLENNIAL?
In the U.S., Millennials (ages 20 to 37) expect to retire at age 58 according to a recent survey.
ARE THEY GETTING PREPARED?
Yes! The research found that:
- 80% of U.S. Millennials have already started saving for their retirement,
- 75% have plans to cut expenses to save more for retirement.
WHAT ABOUT INVESTING, ARE MILLENNIALS GETTING THAT RIGHT?
Again, yes!
- 50% of Millennials surveyed are willing to take on more risk in their investments to generate wealth.
- In contrast, only 27% percent of Gen X and 13% of Baby Boomers are willing to take on the same risk profile.
- According to the study, U.S. Millennials are yearning to learn, with 63% actively seeking information to guide their financial decisions.
CAN THEY MAKE IT? WILL THE MILLENNIALS BE ABLE TO RETIRE IN THEIR 50s?
Millennials may not completely understand how economic challenges and longer life expectancy present significant challenges to Millennials’ retirement plans.
The reality?
- Work longer.
- Work part-time during retirement.
- Spend less and save more, now or later.
- Win the lottery.
This segment originally aired via WBIR on 6/18/17.
