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).
Surprise, surprise: tech is still the sector to watch, according to Karyn Cavanaugh, Chief Investment Officer at Carolinas Wealth Management. Learn how to properly diversify your portfolio.
Facebook and Instagram users will start seeing labels on AI-generated images in their feeds. Hopefully this will save time for everyone zooming in each picture to see how many fingers someone's hand has.
Seth Schachner, Managing Director at StratAmericas, weighs in on Spotify earnings and why that headline-grabbing deal with Joe Rogan could be worth that $250 million.
Mitch Roschelle, Managing Director at Madison Ventures, shares why investors may be waiting longer than expected for those interest rate cuts, and why he’s watching tech, oil, and homebuilder stocks.
Amazon saw 24% growth in their Thursday Night Football audience in 2023. Subscribers will be rewarded with even more sports, but not without enduring more ads — unless they pay extra, of course.
Low unemployment + 350 thousand new jobs in January = ...more layoffs? A bunch of tech and retail companies have laid and are laying off employees after a nationwide hiring surge during the pandemic.
The most magical place on Earth wants a protective order to keep Gov. Ron DeSantis' appointees from knowing how the magic happens. A federal judge dismissed a separate Disney lawsuit last week.
