Scary Savings Stats

Podcast: Download

Of the 618,000 millionaire Millennials in the U.S., the highest concentration of them are living here in the 49686 ZIP code, according to a recent report by Coldwell Banker Global Luxury and WealthEngine. If that’s hard to believe, try to understand this recent calculation by Professor Olivia S. Mitchell: Millennials will need to save almost HALF of their paycheck to retire at 65 (read here). In contrast, their parents (or grandparents) are considered the wealthiest generation in American history. They will be transferring close to $68 trillion in assets when they pass. How can they help the younger generation of non-millionaires retire? Do they need to?

Tune in to find out exactly how much Dennis disagrees with this 50% rule and why. We think you’ll be encouraged to hear an advisor’s perspective.