At Work

Millennials are in denial about retirement

Young professionals must balance existing obligations — like student or car loan payments — with the responsibility of newfound financial independence. A Million Dollar Round Table study revealed despite a desire to eventually retire, 91% of millennials have no financial plans for retirement. Future financial security is a low priority, if it even makes it to the budget in the first place. It’s a challenge for young employees to live on their own for the first time and focus on retirement planning.

Source: Creating a millennial roadmap for retirement | Employee Benefit Adviser

So what’s new? Every generation faces problems and obstacles. Every generation must balance obligations.

Why is it that Millennials don’t have a clue? Imagine spending a small fortune on college and incurring loans and then admit “Future financial security is a low priority, if it even makes it to the budget in the first place.” I guess that is not all that unexpected given many of these whiz kids incur college loans in areas where a job’s salary provides a slim chance of paying back the loans (or they simply never intend to).

Here is an interesting observation. Just under 50% of Millennials say they will have enough money for retirement while 91% have no current financial plan. These are America’s real dreamers or they have moved so far left they are counting on a Social Security income replacement of 80%🤑

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