| | Benefits & Administration | | Recommended Retirement Savings Rate for Millennials Is 22% | | In a recently released white paper, analysts suggest defined contribution (DC) plan participants may have to increase their savings rate to adjust for future market expectations in order to realize their target replacement income goal. For Millennials, that savings rate is 22%, according to research from NerdWallet. Analysts predict stock market returns can fall from 7%, the current annual average, to a possible 5% in the decades to come, NerdWallet notes. The difference of two percentage points has big implications for younger adults who are just starting to save for retirement and also for those who’ve been investing for about a decade.Read more > | | Generations Display Different Financial Goals and Anxieties | | A new survey report from American Funds shows Boomers have the lowest expectations about future market returns, but they have the most optimistic outlook on their retirement. For Millennials and Gen Xers, it’s the opposite.Read more > |
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