Millennials face the least certainty about the future of Social Security by the time they reach retirement, making retirement planning essential for this group. Money put away earlier in life will grow much more than money put away later, thanks to compounding interest. Despite these compelling reasons to save for retirement early, many people in their 20s and 30s are not on track to save enough for retirement. <\/p>\n
The single biggest problem Millennials face when it comes to saving for retirement is not saving \u2014 or not saving enough. Only six in 10 workers who are ages 25 to 34 contribute to their 401(k), compared to 74 percent of workers ages 55 to 64, according to a recent Vanguard report. <\/p>\n
Those who do put money aside often do not save enough. Workers ages 25 to 34 put an average of 5.5 percent of their income into their 401(k), compared to 8.7 (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Millennials face the least certainty about the future of Social Security by the time they reach retirement, making retirement planning essential for this group. Money put away earlier in life will grow much more than money put away later, thanks…<\/span><\/p>\n