Millennials: Many Are Saving but Few Are Planning

via Life & Health Advisor

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) and the Center for Generational Kinetics (CGK) today released new research focused on the retirement outlook of the Millennial generation that found while 68 percent of Americans aged 20 to 37 said they are saving for retirement, only 29 percent indicated they are actively planning for retirement. The study also found that the majority of Millennials, 60 percent, believe it is more difficult to plan for retirement than to maintain a diet.

“This study debunks the myth that Millennials are not thinking about retirement,” IRI President and CEO Cathy Weatherford said. “At the same time, it confirms what many have believed, Millennials are not doing enough to prepare for retirement. Bottom line, Millennials will need to do more if they want to have a financially secure retirement. It all starts with right-setting expectations, determining a goal, and building a plan to get you there. Given this need, it will be mutually beneficial for financial advisors to engage this market and position themselves as guides who can take Millennials through the process.”

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Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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