Most Millennials Have Saved Nothing for Retirement, Study Finds
The retirement outlook for Millennials is dire, finds a report from the National Institute on Retirement Security. According to the report, most Millennials have saved nothing for retirement and those who are saving, aren’t saving enough.
The report examined 2014 U.S. Census Bureau data to identify what Millennials are doing to prepare for retirement. Some of the key findings are: two-thirds of working Millennials have saved nothing for retirement, out of the two-thirds of Millennials who work for an employer that offers a retirement plan, only a little over one-third participate in the plan.
In terms of racial differences, Latino Millennials have saved the least, 83 percent of them had nothing saved for retirement, and only 19 percent of them participated in employer-sponsored retirement plans. Millennial White women had the highest participation rate in a retirement plan, at 40 percent.