Millennials are looking at a vastly different retirement than their parents are, or possibly no retirement at all. Life expectancies are growing 30% a decade…..living until 100 will become common for this generation. Different from their parents millennials have delayed many life priorities (jobs, marriage, home purchase, savings, 401(k).
Millennials are less financially literate than other generations. We still have not embraced financial education as a nation let alone this generation. Just look at credit card debt and student loans. The numbers are staggering and most don’t understand the hole they dug for themselves. It will take years for this group to recover from the easy money policies that prevail.
To avoid the gloomy future, millennials should, at a minimum, start an automatic saving plan……..just a dollar a day into a balanced mutual fund……..30 bucks a month over time will grow into a mountain of cash and since they are going to live to be 100 the sooner the better. When you live that long you are going to need it.
If you can subscribe to Netflix online, you can become financially independent……..and stay out of your parents basement.