My numerous articles about retirement attempt to convince young adults to begin to think about their future and for Millennials to consider their retirement years.
Now, Daniel Schutte in his article titled: Millennials Need More Than $1 Million to Retire* analyzes why Millennials will need a lot more than $1 million in savings to have a comfortable retirement. (emphasis on the word comfortable)
The problem is two- fold – and includes ‘the eroding force of inflation” (every year the value of your dollar goes down) coupled with the time value of money. My grandparents would call it the diminishing value of ‘old money”.
According to Mr. Schutte, there are some solutions to the retirement shortfall, like contributing the maximum to a Roth IRA.
Finally, the article states: “Wealth is more than money—it is exponential leverage that enables opportunity. Wealth is freedom to spend more time with family, make a special purchase or help someone in need.”
I couldn’t agree more!
Millennials are not alone in their risk of not having adequate funds for their retirement. In other research estimating future retirement income, it shows that about 44 percent of the youngest “Boomers” – workers in their 50s – risk not having enough.
If you are a Millennial, the brief and thoughtful article by Mr. Schutte and its accompanying graphs may give you the incentive to start on the road to saving for your retirement.
* Investopedia, February 2, 2018. (Investopedia.com)
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