The Difficulty of Saving
•
1 like•381 views
Brady Speers' presentation about the difficulty the Millennial faces in saving for retirement.
Recommended
More Related Content
Viewers also liked
Similar to The Difficulty of Saving
Similar to The Difficulty of Saving (20)
Recently uploaded
Recently uploaded (20)
The Difficulty of Saving
- 1. The Difficulty of Saving Brady Speers
- 2. An overwhelming portion of the middle-class have all but given up on the retirement
- 3. New research shows their despair is a heartbreaking reality
- 4. Most people say that saving for retirement is more difficult than they had expected, however there are not too many people making the necessary adjustments
- 5. About 22% of workers say they would rather die early than run out of money, according to a Wells Fargo Middle Class Retirement survey
- 6. In the same survey results yielded 61% of participants are not sacrificing a lot to save for retirement
- 7. Almost 75% recognize they should have started retirement savings earlier
- 8. The survey, looks at the retirement planning of Americans with household incomes $25,000-$100,000, who also held investable assets of less than $100,000
- 9. 33% are contributing nothing to a 401(k) plan or an IRA, and 50% report they have no confidence that they will have enough to retire
- 10. Americans who have an employer-sponsored retirement plan, especially a 401(k), are performing much better than those without one
- 11. Americans between the ages of 25 and 29 with access to a 401(k) have put away a median amount of $10,000. Americans ages 30-39 with a 401(k) plan have saved a median amount of $35,000
- 12. Lastly, Americans between 40 and 49 with 401(k)s, the median amount is $50,000
- 13. Despite its many drawbacks, 401(k) remains our go-to national savings plan, and the most logical choice that the middle-class has at achieving a good retirement security
- 14. Those without access to 401(k) plans would benefit from a direct-deposit Roth or traditional IRA or another kind of tax-favored account
- 15. Data shows that most Americans fail to make new contributions to IRAs, with most of those assets coming from 401(k) rollovers
- 16. There is one exception to current data however, there is a growing number of Millennials that are making Roth IRA contributions
- 17. Most people do understand the need to save for retirement, but they don’t view it as an urgent goal requiring careful and calculated spending
- 18. Americas were asked where they would cut spending if they wanted to begin saving for retirement
- 19. 56% of participants claimed they would give up luxuries such as spa visits and jewelry, 55% said they would curtail eating at restaurants, and 51% even said they would give up a major purchases ie. cars or homes.
- 20. Conversely, 38% of people said they would forgo a vacation
- 21. A vacation now and then is great but do the lavish vacations trump the years of retirement security?
- 22. Given these economic headwinds, like rising costs in healthcare, education, and taxes it’s important to have a plan
- 23. If you have a 401(k), be sure to contribute at least enough to get the full company match
- 24. And if you lack a company retirement plan, opt for an IRA
- 25. It is a tough process but it will be a sweet reward when you can retire in peace and feel secure in your future endeavors