While it is encouraging that over 80 percent of millennials surveyed are saving something for retirement, it is troubling that a large portion are saving less than five percent, and some not at all. – Rich Rausser, Senior Vice President, Pentegra
White Plains, NY (PRWEB)
June 20, 2017
In May 2017, Pentegra Retirement Services surveyed over 100 millennials (born between 1980 and 2000) regarding how they view saving for retirement, what they see as financial priorities, and when they realistically think that they will be able to comfortably retire. The findings revealed some optimistic signs, as documented in a new Pentegra Millennials and Retirement Report. The report includes interviews from millennials from a wide variety of careers and income levels, as well as practical advice from Pentegra experts on making small changes that can reap significant retirement savings rewards.
The Pentegra survey showed over 80 percent (81.37 percent) of millennials are currently saving for retirement, and over one-third (37.25 percent) are putting at least 5 percent of their salary into a retirement savings vehicle. However, nearly 18 percent (17.65 percent) are saving nothing, while nearly half (45.1 percent) are saving what Pentegra defines as “inadequate levels” – under 5 percent. In total, 62.75 percent are saving inadequately.
According to Rich Rausser, Senior Vice President, Pentegra, “While it is encouraging that over 80 percent of millennials surveyed are saving something for retirement, it is troubling that a large portion are saving less than five percent, and some not at all. This is what we want millennials to really think about. How are you spending your money? What is a ‘need’ versus ‘want’? Retirement may seem decades away, but they must think about…