Seventy-nine percent believe that by the age of 80, a comfortable retirement will be a thing of the past, and 70% say that is because they are unable to save as much as retirement planning tools recommend.
A report from the National Institute on Retirement Security shows that 66.2% of working Millennials have nothing saved for retirement.
Nearly six in ten believe saving for retirement is a basic necessity, like food or housing, a survey from Allianz Life found.
However, researchers say their outcome could possibly improve, given the fact that they still have a long time horizon to save, the markets could deliver strong returns and the government could save Social Security.
Forty-three percent of Millennials say they need help managing saving for retirement, while 40% want help with good general savings habits.
One-third would sacrifice retirement benefits.
A study shows consumers might not understand health savings accounts as well as they believe.
Although 58% of Millennials surveyed said they are saving enough for retirement, 46% say they have significant debt, and 53% say they will “never be comfortable investing in the market.”
A recent survey found that across generations, investors are almost equally concerned that their returns won’t secure adequate retirement savings.
Baby Boomers are adopting better financial habits, but Millennials may be overconfident in theirs, a study by Allianz finds.