Retirement doesn't care
Millennials Don't Believe in the Retirement Fairy: A Lesson for Their Parents
"Millennials are the ones who were in high school and college when their parents lost decades of retirement savings during the financial crisis," writes Heather Pelant, the head of BlackRock personal investing, in a blog post. "Today they are paying off student loans and watching their friends have difficulty finding work. They perceive pensions as a quaint anachronism and that cashing Social Security checks during their golden years isn’t likely. In short, they don’t believe in the myth of the retirement fairy."
Perhaps that skeptical nature is urging younger investors into action. Millennials said that they commit an average of 22% of their take-home pay to savings and 18% to investing. That's an impressive 40% savings rate. Boomers, who should be turbo-charging their race to retirement, only set aside 12% to savings and 11% to investing.