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was pretty surprised by this. The stats I have been hearing about retirement and savings in America were pretty dismal. There was a report out that half don't have $1000 in savings to cover an emergency so i'm really surprised that so many millennials have 6 figures in the bank!! And I thought most millennials are living at home under employed and saddled with tons of student debt. What is the truth here? Are Millennials doing WAY better and saving WAY more than Gen Xers and Baby boomers?
Seems very possible if you are contributing to your retirement plans, get a match etc.
was pretty surprised by this. The stats I have been hearing about retirement and savings in America were pretty dismal. There was a report out that half don't have $1000 in savings to cover an emergency so i'm really surprised that so many millennials have 6 figures in the bank!! And I thought most millennials are living at home under employed and saddled with tons of student debt. What is the truth here? Are Millennials doing WAY better and saving WAY more than Gen Xers and Baby boomers?
The article doesn't state whether that savings includes IRAs, 401(k), HSAs, or other plans that employers might offer as a benefit. I doubt anyone would have 100K just sitting in the bank.
To me it's quite believable. It's a generation that's probably lived at home longer, own maybe less cars(willing to go green) and with the internet probably save tons of money and just sit in front of the computer all day long.
Let's not kid ourselves for some the internet is the number one big source of entertainment and some just sit in front of their computer and their biggest monthly cost is the internet bill.
To me it's quite believable. It's a generation that's probably lived at home longer, own maybe less cars(willing to go green) and with the internet probably save tons of money and just sit in front of the computer all day long.
Let's not kid ourselves for some the internet is the number one big source of entertainment and some just sit in front of their computer and their biggest monthly cost is the internet bill.
Been doing that for a while. Actually the biggest monthly cost is electricity for me depending on the season.
Maybe cell phones are next? But I know a lot of people using prepaid plans so, that doesn't really fly.
Let's not kid ourselves for some the internet is the number one big source of entertainment and some just sit in front of their computer and their biggest monthly cost is the internet bill.
I'm not sure that number would be much different from past generations who sat home watching free or cable TV, or reading library books.
I actually spent most of this thread trying to decide if I was a millennial or not (born 1981). If I am, I'm probably at the high end of age for the group.
I actually spent most of this thread trying to decide if I was a millennial or not (born 1981). If I am, I'm probably at the high end of age for the group.
I hear you. I'm only a Boomer on odd-numbered days, it seems.
My daughter just started her first real job, after about five years of the usual hourly service slavitude. She brought home a 2-inch benefits packet and was literally squealing (she's NOT a squealer) as I explained each comp benefit to her. Including 50% IRA matching up to 4%, beginning immediately and with 3-year vesting. I think she'll be okay.
I thought I was a millennial. I'm 24. Why am I being lumped with someone in their late 30s? And having 100k saved up at 37 isn't amazing. it's kind of sad. By this year's end I should have 100k saved up.
Quote:
Originally Posted by Serious Conversation
There are huge differences between a 23 year old and a 37 year old.
A 23 year old could still be finishing undergraduate. I know 30somethings in the C suite. Not really comparable life stages.
Most of these age cohorts (Boomers, GenX, Millennials, etc.) have age ranges of about 20 years - roughly, a "generation". I certainly don't feel like a Boomer since I'm on the tail end - but yeah, each 20 year cohort is seen as all the same - get used to it!
I think a lot of the "Millennials have no money" thing goes back to the immediate aftermath after the Great Recession.
I graduated college in 2010. It took me basically four years to find a professional track job paying $50,000 or more. That was in 2014. I live in a low cost of living area, so my dollar goes farther. I used to work for a Boston based company. Adjusted for COL, my current salary should go to about $120,000 if I lived in the Boston burbs.
Given where I live and the local job market, no, most Millennials aren't doing that well, but the motivated and educated leave areas like this for larger cities.
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And I thought most millennials are living at home under employed and saddled with tons of student debt. What is the truth here? Are Millennials doing WAY better and saving WAY more than Gen Xers and Baby boomers?
