By: Weforum
Nov 18, 2019
- US millennials are now advised to save much more for retirement than previously suggested – 40% of income, compared to 15% in the past.
- Many millennials are at risk of having insufficient savings to retire comfortably.
- If you can’t save more of your income now, make sure you’re investing in your skills and your health so you can continue working and avoid financial hardship.
There’s new advice for US millennials planning to retire at 65: squirrel away 40% of your income over the coming years, if you can.
According to Dr. Olivia S. Mitchell, Professor of Business Economics and Public Policy at the University of Pennsylvania, that’s what you’ll need in savings to live off even just half of your final salary in retirement.