.png)
Millennials Save For Retirement Earlier Than Baby Boomers, Survey Finds
By Alicia Adamczyk, Jul. 17, 2014, Forbes.com
All of those reports encouraging Millennials to start saving for retirement as soon as possible may be paying off, literally. According to the 15th Annual Transamerica Retirement Survey, performed by the nonprofit Transamerica Center for Retirement Studies, Millennials are an “emerging generation of retirement super savers,” with 74% starting to save for retirement at an “unprecedented” median age of 22, or 5 years sooner than Gen Xers and a staggering 13 years sooner than Baby Boomers.
The survey focused on the retirement habits and trends of Baby Boomers, Gen X and Millennials who are currently working full- or part-time in a for-profit company of 10 or more people.
There were stark differences between the habits of the older and younger generations. Despite entering the workforce in the midst of the Great Recession, Millennials are “much more likely” to be recovered from its economic impact than older generations and 68% are confident they will be able to retire comfortably.
This may stem from more open discussions about saving and retirement options.
“Millennial workers are focused on retirement in a big way. Our research found that three out of four are already discussing saving, investing, and planning for retirement with family and friends,” said Catherine Collinson, president of TCRS, in a press release. “In fact, Millennials are twice as likely to frequently discuss retirement compared to their parents’ generation.”
 |
| Source: www.blog.mindjet.com |
All of those reports encouraging Millennials to start saving for retirement as soon as possible may be paying off, literally. According to the 15th Annual Transamerica Retirement Survey, performed by the nonprofit Transamerica Center for Retirement Studies, Millennials are an “emerging generation of retirement super savers,” with 74% starting to save for retirement at an “unprecedented” median age of 22, or 5 years sooner than Gen Xers and a staggering 13 years sooner than Baby Boomers.
The survey focused on the retirement habits and trends of Baby Boomers, Gen X and Millennials who are currently working full- or part-time in a for-profit company of 10 or more people.
There were stark differences between the habits of the older and younger generations. Despite entering the workforce in the midst of the Great Recession, Millennials are “much more likely” to be recovered from its economic impact than older generations and 68% are confident they will be able to retire comfortably.
This may stem from more open discussions about saving and retirement options.
“Millennial workers are focused on retirement in a big way. Our research found that three out of four are already discussing saving, investing, and planning for retirement with family and friends,” said Catherine Collinson, president of TCRS, in a press release. “In fact, Millennials are twice as likely to frequently discuss retirement compared to their parents’ generation.”
Follow Larry Elder on Twitter
"Like" Larry Elder on Facebook
No comments:
Post a Comment
Comment Policy:
The author of this blog will attempt to engage in conversation via the comments section whenever possible and recognize the 24/7 nature of the internet. Moderating and posting of comments will occur during regular operational hours Monday through Friday. Comments submitted after hours or on weekends will be read and posted as early as possible, however admins and/or the author is unable to commit to replying to every comment posted.
This is a moderated blog. That means all comments will be reviewed before posting. In addition, it is expected that participants will treat each other, as well as the author and admin, with respect. Comments that contain vulgar or abusive language; personal attacks of any kind will not be posted. Comments that are spam or that promote services or products will not be posted. It is requested that all comments remain on topic.
The Elder Statement blog does not guarantee or warrant that any information posted by individuals on this blog is correct, and disclaims any liability for any loss or damage resulting from reliance on any such information. The Elder Statement blog may not be able to verify, does not warrant or guarantee, and assumes no liability for anything posted on this website by any other person. The Elder Statement blog does not endorse, support or otherwise promote any private or commercial entity or the information, products or services contained on those Web sites that may be reached through links on our Web site.
To protect individual privacy and the privacy of others, please do not include phone numbers, addresses or email details in the body of a comment. Such information will result in removal of a comment.
Thank you for your attention.
The Elder Statement