For your retirement to comfortably last the decades you can expect to live, you need to start saving now. So it is a big opportunity...main question with Millenials how do you make them worry about something to happen 50-60 years from now? However is not only millenials: As Robert Powell reports in USA Today “Older Millennials -- those born in the early 1980s -- will need about $1.8 million salted away to maintain their standard of living in retirement while younger millennials -- those born in the late 1990s -- will need upwards of $2.5 million.”
How much will you need to retire? Well, in 2014, Matthew Illian, a member of the Investment Committee at Marotta Wealth Management, Inc., wrote that “Someone retiring now in 2014 with $1 million at age 65 can safely withdraw $43,600 a year. However, [because of inflation], today’s 20-year-olds will need over $7 million to have that same lifestyle when they retire. In 1970, they would only have needed $166,000 in retirement to have a similar purchasing power for the rest of their life.” If that’s the the case, then a 25-year-old with a starting salary of $50,000 would have to save around 14.65 percent of their salary throughout their career.
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