Traditional Retirement Savings Advice Is Useless For Millennials. Here’s Why

Traditional Retirement Savings Advice Is Useless For Millennials. Here’s Why

On November 1, Jean Chatzky, financial editor for The Today Show, posted a tweet about retirement saving goals. She wrote, “By the time you’re 30, aim to have 1x your annual income set aside for retirement. At 40, 3x; at 50, 6x; at 60, 8x; and by retirement, 10x.” The tweet struck a chord with me because as a near-30-millennial, I’m admittedly insecure about my retirement savings. At the moment I have $3,876 in my retirement savings account, which is 12% of my current annual salary. By the time I’m 30, if I keep saving the way I have, I’ll have managed to put away 50% of my annual income. According to Jean’s goals, I’m very behind in my savings. Turns out I’m far from alone. Continue reading “Traditional Retirement Savings Advice Is Useless For Millennials. Here’s Why”