According to the Transamerica Center for Retirement Studies, about 70% of Millennials are starting to save for retirement at the median age of 22. Believe it or not, the Baby Boomers didn’t start saving until the median age of 35. The Millenials (ages 18-33) are proving to be strategic savers as their distrust in the economy rises. This generation is putting off marriage, acquiring more education and saving for retirement.
Surprised? We are and we would like to talk about their IRA choices, home purchasing plans and increasing student debt. There are few things to learn from the Millennials and their increasing optimism during unpredictable economic times. After all, saving habits and strategies can begin at any age!