Millennials have a lower savings ratio than any other generation before them.
(PRWEB) September 26, 2017
Many Millennials don’t think about saving for retirement, but it is never too early to start. The key to a happy retirement is to build a nest egg – money that is put aside to achieve a long-term goal – early and watch it grow. National nonprofit American Consumer Credit Counseling offers Millennials ways in which they can prepare for retirement.
“Millennials have a lower savings ratio than any other generation before them,” said Steve Trumble, President, and CEO of American Consumer Credit Counseling, based in Newton, MA. “It is important that young people learn how to plan ahead and how to manage money properly to ensure they can live comfortably during retirement. Even putting aside a small amount of money can help over the long-term.”
According to a survey by Wells Fargo, almost half (41 percent) of Millennials have not started saving for retirement. The survey also found that the median income for Millennials is $48,039, which is 20 percent less than Baby Boomers earned at the same age. According to a survey by TransAmerica Center for Retirement Studies, only 18 percent of millennials are confident about their future retirement.
American Consumer Credit Counseling prepares millennials for retirement.
1. Start saving now – no matter how big or small, savings add up. Millennials need to start saving as much as they can as soon as possible.
2. Consistent income – Millennials do not have to have a significant income to establish a nest egg. With a steady income they can make regular contributions to their retirement savings.
3. Look into 401(k) – ask employers about company 401k programs and if they involve employer contributions, which will increase your savings. Set up a direct deposit, so a portion of each paycheck goes towards your 401k.
4. Track spending – knowing exactly where your money goes each month will allow you to figure out how much from which funds can be set aside for your future goal.
5. Increase contributions – with each pay raise it is important also to raise your contribution to your retirement fund to stay in sync with your financial position.
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at http://www.ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. To help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft, senior living, and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to ConsumerCredit.com or visit http://www.consumercredit.com/financial-education.aspx