Millennials Need to Catch Up on Retirement Savings. Here's How.

Retirement may not be at the forefront of millennials' minds, what with many of them being saddled with student debt and more focused on saving up funds for a down payment on a home than socking away money in a 401(k) or IRA. But recent data from Transamerica shows that some younger workers may already be far behind on long-term savings.

Millennials have a median savings balance of $23,000 earmarked for the future, and while that's a respectable showing for a 26-year-old who's fairly new to the workforce, let's not forget that older millennials are already in their late 30s. And while that means that retirement is still pretty far away, it also means that they may have some catching up to do.

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Source Fool.com