Millennials and Savings: Are they saving enough?
Donald M. Fink has over 40 years’ experience in helping clients with their saving accounts. With the anticipation of social security funds being limited or unavailable to the millennial’s, the main question that you wonder is whether they are saving enough for their long-term retirement?
According to recent data gathered from the PEW Research Center, more Americans between the age of 18-34 are living with their parents. There are many reasons as to why this is happening and one of them is cost of living vs wages. Other reasons are high student loans and spending beyond their means.
Does this mean that they are saving enough for their future? The answer to that question is not quite; however, since millennials are apt to use technology compared to baby boomers, they do have the potential to save with the right kind of tools. There are a ton of phone apps available that allows for millennials to keep track of their budget and even investments.
The takeaway for millennials is that, even though they are faced with challenging financial situations from debt, student loans etc, it is important that they recognize where their money is being spent and allocating anything they can to their retirement funds.
At the Advisory Co, we have an impeccable record of providing sound financial advice to our clients. Call us today at 702-869-1919 and let us get you setup with a retirement expert.
Donald M Fink has been advising and helping high income individuals and business owners with strategies for over 40 years. He continues to consult with private clients in the areas of estate planning, wealth management and asset preservation and to this day maintains Life & Qualifying membership and Honor Roll status in the Million Dollar Round Table (MDRT).