Retirement advice from a Boomer to a Millennial

Retirement advice from a Boomer to a Millennial

I applaud you for wanting to help your colleagues in their 20s and early 30s, but let’s not be too quick to assume they’re clueless about retirement. The latest Allstate/National Journal Heartland Monitor Poll did find that young workers are more concerned with immediate needs like paying off student debt and building an emergency fund than retirement. But a new T. Rowe Price study also reports that saving for retirement is important to Millennials and that they’re actually doing a pretty good job of balancing current obligations with preparing for retirement.

That said, you raise a good point about the importance of getting a leg up on funding one’s post-career life. Waiting just five years to embark on a savings regimen can dramatically downsize the eventual size of your nest egg. Hold off even longer to get going and you could face a seriously diminished retirement lifestyle.

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