No Slackers: Millennials #1 at Saving Money


Baby Boomers might start thinking: “If only I'd started saving money at age 22.”

Millennials are piling up retirement funds at twice the rate of Baby Boomers -- and they stand to retire as the richest of All.

In fact, millennials save more of their money than any other generation. Workers who are ages 18 to 34 sock away about 10 percent of their income, on average.

If they stick to it, many can expect to retire as a millionaire. A 22-year-old who can put 600-dollars a month into an investment fund can end up with two million dollars.

While millennials sock away 10 percent on average, their 55-year old Boomer counterparts save only 5 percent.

Even a 30-year-old with some financial discipline can retire a millionaire by investing $600 a month. And a 50-year-old late bloomer can still run up an extra $200,000 at that rate. If you're 42 and follow that plan, you'll end up with about half a million dollars.

A NerdWallet study finds that millennials who have kids are particularly good savers.

Gen Xers (ages 35-54) save about 8 percent, about halfway between Boomers and millennials.

In a study conducted by the Harris Poll for Wells Fargo, nearly half of millennials (46 percent) stated they have struggled with large amounts of debt, while 43 percent have concerns about paying health care expenses.


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