Millennials Need to Save Nearly Half of Their Paycheck to Retire on Time

March 13, 2020

It is now estimated that millennials (people born between 1981 and 1996) will need to save up to 40% of their income for at least the next thirty years to have viable retirement savings built up by the age of 65. In reality, most millennials are contributing less than 6% of their paycheck to a 401k or retirement fund.

With student loan debts, car loans, and credit card interest on the rise, many millennials are struggling to pay off debts, much less save for retirement. Because of this, a financially secure retirement can seem out of reach.

70 is the new 60

Experts are now suggesting that most millennials will not be able to retire until they are well into their seventies. A survey by T. Rowe Price found that 32% of millennials will not be able to retire until after 75.

Nowadays, it can be difficult to save a small portion of monthly income: Only one in five millennials are saving more than 15% of their paychecks, which is nowhere near the amount that will prepare them for retirement. Having to retire later in life is also resulting in many millennials joining the gig economy to make extra money to pay the bills and fund retirement savings. If they cannot afford to invest 40% of their income, taking on a second job often becomes necessary.

Retirement savings are crippled

A staggering 66% of millennials have zero retirement savings. After paying bills, rent and student loan payments, saving money for retirement is often delayed. Working side gigs or service jobs, many millennials do not have the option of investing in complex 401(k) plans or mutual funds.

Even more, when you consider the possibility of a future that may not have guaranteed income like Social Security or pensions, a majority of people are looking for new ways to save for retirement.

Eliminate debt for good with Symmetry’s Debt Free Life solution

Between a mountain of debt and an economy that isn’t as promising as it once was, millennials are facing a pretty difficult path to achieving the retirement of their dreams. But there is a better way! Symmetry’s Debt Free Life solution can help millennials get rid of debt and start saving for retirement – all with the protection of a life insurance policy.

Debt Free Life uses the cash value of a life insurance policy to tackle debts one by one. Once the debts are paid off, the remaining balance goes straight into retirement savings — and the best part is that you can do all of this without spending extra money!

Retirement savings made easy

Symmetry Financial Group’s Debt Free Life product is an ideal solution for any millennial who wants to take their retirement into their own hands and invest in the future they deserve. If you’re wanting to maximize your retirement savings and knock out your debt in the same swing, then Debt Free Life is the perfect solution.

Getting started is as easy as filling out this short form — and within 24-48 hours a Debt Free Life consultant in your area will be in touch to help you build the debt elimination retirement plan that fits your goals and budget. It’s a time-tested, simplified way to use life insurance to your ultimate advantage. Let’s get started!

 

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