The article discusses the retirement planning challenges faced by millennials, with about half feeling unprepared. Influenced by the Great Recession, many entered an unstable job market, often taking gig economy roles that offer limited retirement benefits. Despite rising wages, inflation has hindered their purchasing power, leaving little discretionary income for savings. As a result, many are concerned about achieving financial security in retirement, emphasizing the importance of proactive planning and seeking financial advice.
Unfortunately, the retirement plans for millions of millennials look anything but strong right now. Numerous challenges have affected their ability to set aside money in the same way their parents and grandparents did.
Many millennials hope to set aside enough money to properly enjoy retirement without worrying about living paycheck to paycheck.
There is plenty of evidence to support the idea that as many as half of all millennials feel very behind in their retirement savings.
As many as 30% of millennials took on roles in the gig economy. While this might be a great idea to keep the bills paid, these are not roles that have 401(k) matching.
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