We live in an on-demand culture with social media and other constantly active outlets, making it hard for millennials to want to save long-term towards a successful future. Traditionally, it is recommended that employees save 10% of their salary for future retirement, but many financial experts fear that this will not be enough. Instead, find out how to engage in a higher savings rate so that you can ensure a comfortable retirement without medicare and social security being the only backup sources of income you have.
Key Takeaways:
- Millennials’ desire for fulfilling experiences now leaves them ill-equipped to plan for a comfortable retirement.
- To have enough money saved for retirement, you need to sock away over 10% of your salary each month, as soon as possible.
- Other important things to do to move toward financial independence and retirement are to live within your means and acquire side income hustles.
“Instead of being defeated by these frictions, millennials should see them as a rallying cry to set our affairs in order, apply ourselves and overcome.”
