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Most Millennials Who Want to Retire by Age 61 Have No Savings

Most Millennials Who Want to Retire by Age 61 Have No Savings Millennials are classified as Americans between the ages of 18 to 37. A recent Bankrate.com survey asked them what the perfect retirement age would be. Their answer was 61 years old. According to a recent report by the National Institute on Retirement Security, approximately two-thirds of millennials have no money saved. The millennials who are saving have a median retirement account balance of about $19,100. According to Nerdwallet, a more realistic retirement age for millennials is 72 if they budget wisely. If you want to retire early, up your 401(k) or IRA contributions. The suggested rate is 15 percent of your income. Unfortunately, millennials are only contributing about 7.5 percent of their income to savings, according to Fidelity. In an extra effort to save more, consider tracking your spending, cooking at home more often or living in a cheaper home.

Source: Inform News

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