• CaptainSpaceman@lemmy.world
    link
    fedilink
    arrow-up
    54
    ·
    5 months ago

    A new survey shows the significant gap between how much millennials expect they need to retire ($1.7 million) and what they’ve roughly saved so far ($63,000)

    Also $1.7m today is like $4m by the time millenials hit retiremwnt.

    • tsonfeir@lemmy.world
      link
      fedilink
      arrow-up
      42
      ·
      5 months ago

      My company’s 401k person came in to sell their wares, and I did that inflation math in front of them. I think I made a lot of employees afraid for their future.

      • ampersandrew@lemmy.world
        link
        fedilink
        English
        arrow-up
        9
        ·
        5 months ago

        If you put your money in index funds, you can expect it to beat inflation by about 7-8% on average, especially over the course of a decades-long working career. It’s usually not worth it to ever look at the non-adjusted projected value.

    • henfredemars@infosec.pub
      link
      fedilink
      English
      arrow-up
      22
      ·
      5 months ago

      I thought I was doing well and that I had a chance, but saving multiple millions for retirement sounds impossible. If I want retirement, I’ll probably have to move to a low cost-of-living country.

    • Meeech@lemmy.world
      link
      fedilink
      arrow-up
      4
      ·
      5 months ago

      63000 saved?? Yeah sure. Just checked my bank account and I got a whopping $27 in the savings account.