Millennials refer to people today who are between the ages of 17 and 35. One survey revealed that millennials are not preparing for retirement adequately. Almost half of them haven’t even started saving money for retirement, and some won’t be able to retire until they’re well into their 70s.
Part of the problem is that millennials as a group aren’t earning enough money, compared to how much the baby boomers earned when they were of the same age. Millennials are also burdened by lots of debt, including credit cards and student loans. With their monthly debt payments and living expenses, there’s not much left. Add the fact that most of these young folks are virtually uneducated about credit cards, bills management, and debt repayment, and it’s understandable why millennials are reading towards retirement disaster.
On a side note, because we’re going to cover this in a future post, building businesses has been a trending retirement strategy. We’ve worked with businesses consulting agencies to help millennial build businesses such as the Rescue One Restoration & Remediation company. It’s currently in its start up stages but is picking up traction.
But if you’re a millennial, there are steps you can take right now that can get you started in the right direction: Read More