5 Things Millennials Are Saving for Today
When it comes to saving money, millennials tend to get a bad rap. But new data from saving and investing app Vimvest shows that younger Americans actually have some pretty respectable savings goals. Here's what millennials plan to sock away for various important objectives.
Social Security doesn't provide enough income to sustain seniors by itself, which is why workers need to build nest eggs independently. To this end, millennials are pretty grounded. They plan to save $438,538, on average, to fund their golden years. What sort of yearly income might that translate to? If we apply the 4% rule, that's $17,542 in annual income from savings. Seeing as how the average senior today collects $17,532 in Social Security, all told, that would translate into about $35,000 of annual retirement income -- not a ton of money, but enough to enjoy a modest lifestyle.
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