Millennials Are Saving for Retirement, But That's Not Enough
*By Michael Teich*
Millennials need to start putting away money now unless they plan to work until they're 100 years old, said Catherine Collinson, CEO and president of the Transamerica Center for Retirement.
But there's still hope for the generation, she added.
"The great news about millennials is that most millennials are saving, and they're starting at an age that is much younger than any previous generation," Collinson said Tuesday in an interview on Cheddar.
Seven out of 10 millennials are already saving for retirement. The median age of those savers is 24, according to a recent [Transamerica retirement survey](https://www.transamericacenter.org/docs/default-source/retirement-survey-of-workers/tcrs2017_sr_three-generations_prepare_for_retirement.pdf).
Though the tech-savvy generation is getting off to an early start, 46 percent of millennial workers are concerned they will outlive their savings and investments, the study said. Many are uncertain about Social Security, and 80 percent believe that benefits will disappear before retirement arrives.
"The social securities trustees estimate the trust funds are going to be depleted around 2034, at which time it will only be able to pay about 79 percent of benefits. This is a big deal for millennials, because they don't start turning 65, 66, 67, or retirement age until 10 to 15 years later," Collinson said.
With little confidence in the future of Social Security, millennials are becoming the do-it-yourself retirement generation. More than half expect their main source of retirement income to be self-funded through savings.
For more on this story, [click here](https://cheddar.com/videos/attention-millennials-start-saving-for-retirement).
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
Jeff Benedict, author of 'The Dynasty,' weighs in on the Kansas City Chiefs being the next big dynasty, who he thinks will win Super Bowl LIX and more. Watch!
