Not only are millennials the most populous generation in the American workforce, but the tremendous amount of credit card and student loan debt they carry has made them the most indebted generation in modern history – which is forcing them to put off other major life decisions.
But despite the fact that a surprising number of millennials are fat and broke, many still have an optimistic view on when they expect to retire. Though their generation mostly lacks the generous pensions offered to Baby Boomers and some Gen Xers, A TD Ameritrade survey found that millennials who use the service expect to retire at the surprisingly young age of 56. That’s six years below the current minimum age for receiving social security.
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What’s even more surprising, of the 1,500 millennials surveyed for the study, 53% expect to become millionaires at some point in their lives. However, that percentage is unevenly divided between men and women: Of those surveyed who expect to become millionaires, 70% are men, compared with 38% of women.
Roughly 80% of millennials struggle with at least one type of debt. Meanwhile, according to the study, millennials are prioritizing saving unlike previous generations – or maybe it just seems that way. According to the survey, roughly 70% of respondents to the survey described themselves as “savers.” Though that doesn’t quite jive with the official data, which show that the personal savings rate in the US is near all-time lows.
A small percentage of savers say they never expect to pay back their loans (and recently we pointed out that about 100 or so Americans have more than $1 million in student loans). All of this is happening at a time when interest rates are rising, inflation has been showing signs of moving higher, gas prices are climbing and a shortage of homes has forced real-estate values to levels last seen before the housing crisis. Meanwhile, their net worth will likely remain negative for a while.
Back in March, we pointed out that debt-laden millennials have been set back an average of $140,000 compared with their parents – a problem that has been compounded not just by student loans but by the costs of rent, food and other bills like car loans, which have also seen rapid growth.
Any millennial who honestly expects to retire at 56 should be aware: If you truly want to retire young, you need to start saving in your 20s. Because with “the power of compounding,” as TDAmeritrade strategist JJ Kinahan explained it, “even those who start early can end up with more in the end.”
Of course, by ‘saving’, Kinahan appears to mean ‘gambling in the stock market’, but tomato-potato.
Stupid is as stupid does.
56? Hell, from what I can tell they’ve been retired for some time already.
Generous pensions for the baby boomers , you are joking . Most pension agreements went into the shitter for private sector working people decades ago and most government pension plans are circling the drain . The only funds supporting public employee pensions are current workers contributions and the ability to tax those property owners that hang on during the rapid encroachment of becoming nothing but indentured servants to the state .
As for millennials , most are well educated but liberal indoctrinated (brainwashed) into a state of magical thinking !
This would explain why a Harry Potter wand can be carried on a plane but not a bottle of shampoo or a Boy Scout knife …
Can someone define and explain the generations for me?
1. “Greatest” Generation: survived 1930’s Roosevelt depression and WWII. Anybody remember Dobie Gillis’s father, Herbert T Gillis, who served in WWII, the Big One, and got the good conduct medal?
2. Baby Boomer Generation: Born between 1945 and 1955 after the GI’s came home, and enjoyed the post war boom.
3. Millenials-?
4. Gen X-?
5. Gen Y-?
6. Gen Z-?
1. Greatest Generation–old enough to be drafted in 1941
2..Silen Gen–children during WW2
3.Baby Boomers–Born 1945-64
4.Gen X–Born 64-82
5. Millennials (Gen Y)–Born 83-2000
6. Gen Zyklon–2001-present
http://www.lifecourse.com/about/method/generational-archetypes.html
Yeah, if only there were a way to research a constantly-asked question like yours. Maybe some day we’ll have the technology.
So, once they retire, straight to a walmart greeters position?
Hey Daddy O
Way too much to ponder this early. X Y Z ? or A B C?
Delusional, narcissistic, knuckleheaded, “smart” phone addicted, poorly educated, politically indoctrinated debt slaves.
Most of the “men” of this generation can’t change a tire or use a chainsaw, but they can snapchat, facebook, and tindr themselves into fantastical assessments of their own abilities. Emasculated pansies ignorant of history, but well-versed in the intricacies of video game fantasy worlds, they pound their pud in Mom and Dad’s basement and dream of conquering the world.
The “womyn” are embryonic harridans steeped in soul-destroying, man-hating feminism, dogmatically convinced of the truth of their ability to “do anything men can do.” They madly pursue the things that guarantee catladyhood later in life while their looks fade, their waists expand, and their uteruses (uteri?) shrivel.
Oh, and let’s not forget millenial’s virtually complete acceptance and celebration of homosexuality (deviancy), transgenderism (mental illness), social justice (welfare dependency) and all the other liberal diseases that currently infect the country.
Yessiree, the millennial generation is perfectly positioned to save the nation. I, for one, have complete confidence in them.
great rant!
98% of the millenials I know fit this to a “T.” They all think they are brilliant even though they didn’t learn shit in school. Somehow they were all given high marks and high scores on all their tests (what a coincidence!) Despite this, almost none of them have a plan for the future. They expect the world and prefer a lifestyle that isn’t supported by their meager income, and don’t think they should have to work to achieve financial independence. No, there’s nothing magic about these kids – they will almost all have to work pretty much until they die, just like their parents and grandparents before them.
I saw the same insanity as a teacher: I don’t need to learn none of this shit because I’m gonna be a (rock star, movie star, athlete, CEO, inherit money, etc) and I’ll buy and sell jerks like you.
This is what happens to a generation that is sheltered from reality, the truth, and anything negative—they only believe in fantasies.
And to all you Millenials: leave enough room in the cup for cream.
This is my best advice to millennials- get down to Midland/Odessa Texas and get a job, any job in the oil business. Ride the Permian shale boom wave till it busts. Work 7 days a week and try to save most of your earnings. And cover over the tattoos and remove the piercings prior to reporting for the interview.
This is good advice.
To add to that:
1. Live 6 or 8 to an apartment or house, like our visitors from south of the border. If working on a drilling rig that moves around, get an old Airstream or Avion trailer and live 6 to 8 in there. With shift work, only be 2 of you there at a time.
2. Never eat at a restaurant of any kind. Get a crockpot and make stews or sandwiches from what you buy at the store. Buy at Costco.
3. Try to eventually get a job at a production company, not a drilling company. Working on a drilling rig pays way better, but it is way more dangerous, and only lasts for a while. Best is work for an oil field service company, I think.
4. Stay away from the booze and drugs. Those kind of habits will eat up most of your money.
To the millennial Generation…aka “The Crumb Snatchers “.
This is your tag line for retiring at 56 .
“May The Farce Be With You “.
They may be correct, if by “retire” they mean retire from life, ie die.
The average millenial has a better chance of being dead than retired.