5 Things Millennials Need to Know About Saving for Retirement
Retirement seems a long time off — particularly when you’re young. However, Millennials — generally defined as those born between 1978 and 2004 — are living longer, and many will have to finance retirements that are actually longer than their working careers. So, while it can hardly be expected to be top-of-mind for most of this group, here are five things worth knowing about saving for retirement — now. 1. Social Security won’t be as much as you think it will be. Okay, some of you don’t think it will be anything at all, certainly not by the time that you are old enough to collect. But set aside for a moment the questions you may have as to whether or not Social Security is financially viable without reform, or if you should even count on it at all. Your parents — who are either now, or soon hope to be, collecting Social Security — had the same concerns, after all. However, even if you assume that the program remains largely unchanged from what it pays today, if you retire at...