Although 51% of employees do not feel that they will be able to retire when they want to, younger workers feel more confident than most that they will be able to retire at their discretion and not have to work later into their senior life. However, this might not be the case. Millenials have the greatest student loan debt and acquired it during a time of high unemployment. Moreover, they have little savings compared to others. At the same time, they have longer to prepare, and there are several ways they can strategize to ensure their retirement goals are met: Contribute to your 401(k), especially if you have matching contributions. If you do not have a 401(k) through work, you can open in IRA. You will likely need 70% of your current income – even up to 85% — to maintain a similar lifestyle – use an online calculator to help you determine your results – there are many to choose from. Finally, start saving now. Even saving 1% of your salary will start a habit that you can add to incrementally as you receive raises, bonuses, and clear debt.
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Why Millennials Might Need a Retirement Reality Check