A recent NerdWallet survey found that half of millennials have retirement savings, and those that do have $87,000 on average. However, the median savings is only $20,000. Yahoo Finance’s Jen Rogers, Myles Udland and Jared Blikre discuss with NerdWallet Senior Writer Arielle O’Shea.
The key is to start saving/investing early in life and be consistent (save with every paycheck). Taking advantage of a matching 401k plan should be a no brainer. The power of compounding is lost on many people. Also maxing out contributions when possible, eliminating debt, avoiding risks with your nest egg, planning for multiple streams of income once retired (social security, pensions, dividends, part time work, etc.) and making catch up contributions once you reach 50 should all be part of everyone's plan. And work at staying healthy to reduce illness, injuries and medical costs. The site Retirement And Good Living provides information on all these issues as well as many other retirement topics and also has several retirement and health calculators.
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I'm "the average millenial", and I have $100,000 in real estate.