Some Millennials worried about financing retirement

U.S. & World

(NBC) – A new Bankrate.com survey found three in four older millennials between ages 28 and 37 are losing sleep over things like money, debt, and work more so than any other generation.

Now, comes a money man, a millennial himself, adding to sleepless nights with worry about saving for retirement.

“I think people really do need to wake up to the fact that you’re gonna have to prepare for retirement a lot more for yourself than a generation ago,” says Matt Carey, CEO of Blueprint Income.

Carey’s Blueprint Income is a startup that helps people build retirement nest eggs. He says with companies no longer offering employee pension plans, saving for retirement is now, solely, the individual’s responsibility.

Says Carey, “That’s the big shift that most people don’t appreciate.”

He says the average retired American is spending about $40,000 a year with less than half that coming from social security. That’s why saving for retirement needs to start sooner rather than later.

“By the time you’re 30,” says Carey, “I think that you should have at least one times your annual income saved.”

And at least ten times your annual income socked away by the time you actually retire, which most millennials say they want to do by age 61.
 

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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