Millennials and Retirement

Millennials and Retirement

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2016-09-14

It seems that Millennials have been getting a bad reputation, and they don’t deserve it. The common view of the next generation of young adults is that they are attached to their phones or mobile devices and have no idea about the real value of money. Many articles mention that Millennials are not saving for the future and, in fact, could be facing a bleak financial future.

New studies show that the kids have the world at their fingertips. They’re making excellent investments and have strategies in place that mean they will be better off in the future. Not only are they saving, they’re also make wise trades in the stock market. They have access to advice and statistics, they make informed decisions, and they’re making money.

The Bankrate.com survey of consumers between the ages of 18 and 29 revealed some very interesting facts - 62% percent of Millennials are saving more than 5% of their pay for retirement, emergencies or for other financial goals. 

Saving a percentage of their pay shows remarkable maturity, especially since the media has portrayed this demographic as the kind of people who buy what they want without any plan for the future and no concern for mounting debt. 

According to a report from the American Institute of CPAs and the Ad Council, the biggest motivation for saving amongst Millennials (40%) is for an emergency. Of those surveyed, 27% reported saving for a house. 

If these trends are anything to go by, it seems that perhaps Millennials are way ahead of the curve and will be just fine. They have adjusted to a new world and are taking care of themselves, paying down their debt and preparing for a solid future. It seems that Boomers could take a page out of the Millennials books and actually learn a thing or two.  

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Member FINRA & SIPC

 

Tags: David Lerner Associates, Millennials, Saving, Retirement Information, Age based info

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About

Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Contact

Jake Mendlinger
Account Manager
Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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