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How much should young workers save for their eventual retirement?
Younger workers of today, affectionately called “millennials” , are often counselled to save anywhere from 6% to 22% of their paycheck for their retirement, depending on who is advising them. But planning for the retirement needs for a millennial is, at best, a guessing game and, when coupled with the fact that most young workers don’t have the ability to contribute those amounts, a confusing game at that. Further, some of those who recommend the higher savings rates don’t include Social Security in their estimates. All of which leaves millennials asking the question “how much should I and can I actually save”. This Money article by Walter Updegrave gives a no-nonsense assessment of the various savings percentage recommendations, and offers advise on what to strive for. Click here to read more.
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