Comments on: Are Millennials Saving for Retirement? The Latest Research

By: Syed

Syed — Fri, 10 Feb 2017 20:42:44 +0000

Student loan debt is a HUGE savings obstacle. I was working with a colleague who graduated optometry school in the early 1970’s. His yearly tuition was $1,500. I graduated in 2009 from the same school with a yearly tuition of almost $40,000. He told me student debt was unheard of. He simply had a part time job during school that covered his expenses. I think people severely underestimate the burden today’s high tuition places on new grads.

While that is a huge hurdle, it should still not stop people from saving money. Saving something for retirement is important because you need compound interest working for you. So maxing out your 401k or IRA’s should be a priority. Once student debt is paid off, you can start supercharging your savings after that.

By: Ashli @ The Million Dollar Mama

Ashli @ The Million Dollar Mama — Fri, 10 Feb 2017 15:41:56 +0000

I started saving for retirement a few years ago when I realized that I was getting closer and closer to the age I wanted to be retired by, and I hadn’t actually started saving anything… Oops. Doing pretty good now, though, thanks to saving, being smart with spending, investing, and side hustles. I think one of the most important things for millennials to do is to find ways to increase their income. Cutting out a morning coffee may save you a few dollars a day (which, if you’re in huge debt, is a good thing.) But in my opinion, increasing your income is the surer path to financial success.

By: Rachel Foxwell

Rachel Foxwell — Fri, 10 Feb 2017 02:33:23 +0000

In reply to Josh. Your last point is very true. Just like how many millennials don't realize the importance of paying off their debt now, they also push off saving for retirement.

By: Rachel Foxwell

Rachel Foxwell — Fri, 10 Feb 2017 02:30:46 +0000

In reply to Mustard Seed Money. Glad to hear your story! Lots of success stories in the mix.

By: Rachel Foxwell

Rachel Foxwell — Fri, 10 Feb 2017 02:29:49 +0000

In reply to Michael. That's great advice, and that's what I'm doing too. Even with debt, any little money millennials don't lose out on helps a ton in the future.

By: Michael

Michael — Thu, 09 Feb 2017 18:13:43 +0000

I believe saving for retirement should be started as soon as possible in a person’s career. When I graduated way back, I was in huge credit card debt due to my own mistakes. However, I started contributing to my 401k enough to ensure that I was getting my employer’s full matching contribution (free money). Then I focused on paying off the credit card debt with what I received in my paycheck.

I sure did live like a student for a few years while working and paid off my credit card debt completely.

By: Mustard Seed Money

Mustard Seed Money — Thu, 09 Feb 2017 16:42:52 +0000

I got into a good habit of saving for retirement when I first graduated. Right off the bat I knew that it was important to contribute to the matching for my 401k and I always maxed out my Roth IRA. I was poor for awhile and I had to sacrifice a lot. But it will be well worth it in the long run.