Millennials, Like Their Parents, Will Depend on Social Security in Retirement

Millennials, Like Their Parents, Will Depend on Social Security in Retirement

Although there’s been lots of talk about Social Security potentially running out when Millennials are of retirement age, according to new research with the way Millennials are saving, just like their parents, they will be completely dependent on a monthly Social Security check.

According to a Bankrate report, only 42 percent of households led by someone under the age of 35 own a retirement fund such as a 401(k) or an IRA and the median value of those funds is only $12,300.

So, if you’re a Millennial or know one...here’s Bankrate's advice: 1) Build your emergency fund in a high-yielding savings account, 2) Save 10 percent of your pay in an employer-sponsored 401(k) -- if you job doesn’t offer one, consider an IRA or Roth IRA, 3)Wait to retire - the later you retire, the larger the Social Security check - for instance, $1,400 a month at age 62, compared with $2,480 at 70.

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