Posted on 07/18/2018 8:39:02 AM PDT by Cheerio
Millennials may have only a little saved for retirement, but they still want to retire early.
A recent Bankrate.com survey asked millennials, classified as Americans ages 18 to 37, what the perfect time to retire would be. Their answer: 61 years old.
“Early retirement is something that seems very appealing,” Bankrate.com analyst Amanda Dixon tells CNBC Make It.
If only wishing made it so. Of those millennials already saving, the median retirement account balance is about $19,100. But overall, roughly two-thirds of millennials have nothing saved so far, according to a February report by the National Institute on Retirement Security.
“Unfortunately, even though 61 would be a great age to retire, it’s just not the reality for most people,” Dixons says. In fact, Nerdwallet calculates that a more realistic outcome for the graduates of the Class of 2018 is a retirement age of 72 — and that's only if they budget wisely.
(Excerpt) Read more at cnbc.com ...
And people in hell want ice water.
They deny themselves nothing, an iPhone when a flip phone would do, Starbucks when a to-go cup would do, lunch out every day rather than brown-bagging, expensive clothes and a fancy car. Then, they wonder why they have nothing saved. And, somehow, it’s not their fault.
My sister did taxes for H&R Block for 20 years. She had people making 15-20k who owned their car and had mostly paid off their houses. She also had people like one woman who had received a $20,000 raise and still had spent every penny she’d earned and had credit card debt to boot.
The work ethic is gone.
And why not? We already have massive debt, in a totally, printed currency, with interest rates manipulated to near zero by our monetary central planning authority. Stupid politicians or those just trying to agitate the masses, can easily convince people that this country can easily just borrow, print and spend even more without problem.
Tell them that all the tax-payer’s dollars that could have helped them.....
went to the illegals, when they voted for Obama.
Have a nice day.
Don’t you worry snowflakes. The gummint will take care of you.
(We need another 50-60 years of Trump or his equivalent)
I'm tired of hearing about people living above their means, not saving and other such bull$hit. Give these people the other half of their earnings back and then you can complain about their spending habits.
They are coming around to Trump and conservatism.
Plus, unlike the equally-deadbeat Boomers, the Millennials still have three decades to turn things around, savings and investment wise.
Don't bash the Millennials; embrace them. Make them a part of the new majority of Normals.
The class- and age- warfare is just a technique ginned up by the Obamanoids and the Left in general.
President Trump: Have a Come to Daddy tour of rallies aimed at the Millennials!
Choose the right career and save, and it's doable.
I agree with you partly. While by age I’m considered a millennial, I do not use the term. I prefer the original term for my generation: Generation Y. Millennials are in my opinion the idiots of Generation Y, which sadly seems to be a majority.
Back on topic:
I try not to live outside of my means, but it is difficult when your paycheck gets ripped apart by taxes and the costs of even basic items is outrageous. However, even with that I still have saved up in my retirement and am decently above the average of my generation. A lot of the issue with millennials is that they don’t understand the difference between needs and wants.
No wonder they are flocking to BERNIE SANDERS...
Yes, “the work ethic is gone,” and so is the saving ethic.
No matter how much one makes, one can always spend oneself broke.
They’ll just vote to take the money from those who were wise enough to save.
Well those in class of 2018 are stuck with paying for retirement for public employees who can be done as early as age 55 and with benefits that are unobtainable in the private sector.
Wake up people and quit drinking the Koolaid. It's government taxation and redistribution of wealth that is forcing people to work until they are 72.
My son employs numerous millenials. He can’t get them to save in their 401s even with matching contributions.
Reality hits in 5-4-3-2-1....
The time to either fish or cut bait starts in your twenties not at 35 and expecting a retirement at 61. I wonder if Powerball is in their Investment Portfolio?
Mommy & Daddy have bills too!
this reminds me of a man on the street interview outside of a welfare office I saw several years back where the interviewer was asking the question “are you here for a job” and the respondents said “I don’t want a job I want a career.” Well you can have a career, but you going to have to work for it, and that might mean 10 to 20 jobs along the way.
I once knew a lady that was a millionaire and she worked several, jobs she drove Frugal cars, she packed her Brown Bag lunch, she clipped coupon, she did everything she could and when she was 60 something she had over a million dollars saved and working for her. But that’s what it took! She sacrificed family, marriage, everything for the almighty million.
I don’t know if it was worth it or not, but apparently that was her goal and she met it and she was blessed with the physicality and wherewithal to pull it off.
Welcome to the club.My wife and I are doing well considering the obstacles all levels of government have thrown in our way.
With cost increases that occurr weekly its amazing we were able to save anything.
The problem is to retire at 61 you pretty much have to save from day one.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.