4/23/2015 – Many Millennials on Track for a Secure Retirement (ThinkAdvisor)

Apr 23, 2015 Comments Off by

“There are some encouraging signs that millennials are saving at an appropriate rate,” said Ed Farrington, executive vice president, Retirement and Business Development at Natixis, which recently published the results of its Global Retirement Security Index.

Natixis surveyed approximately 1,000 individuals for its recent study, including pre-retirees, Gen-Xers, and millennials. As part of the survey, individuals were asked the open-ended question, “How much do you think you’ll need when you retire to live comfortably?”Looking at the responses of millennials, “They have a self-stated goal on average of about $822,000. They have already on average saved $91,000 toward that goal,” Farrington said.

The gap between $91,000 and $822,000 is certainly large. But Farrington stresses that millennials have plenty of years ahead to close it, and the fact that many have started is very encouraging.

“They are 11 percent of the way there, and they still have anywhere from 30 to 40 years left of savings. So – it’s a pretty good start,” Farrington said. “This generation does seem to be more aware and engaged. I would put them well ahead of where their Gen-X counterparts are today.”

Read the full article at ThinkAdvisor.

 

Financial Landing 2015

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