24% of Millennials have $100,000 or more saved

[tvguy]

It's so funny to me how obsessed non-milliennials are with millennials.

In my case, because they are my kids.

 

[lovin'fl]

It's so funny to me how obsessed non-milliennials are with millennials.

Happens with every generation. Older folks were with the 'hippy' generation. That hippy generation are now Boomers and were fixated on my Gen X. Gen X is now fixated on Millennials.....

 

[lovin'fl]

In my case, because they are my kids.

And that too. Though my kids, I guess, are zoomers as they are 23 and 21 and 21.

 

[gillep]

I guess this might be possible if you lived with your parents, didn't have to worry about how you were paying for college (little/no student loan debt), didn't have kids, had a good paying job, and lived in an area with cheaper cost of living.


When put that way, yes it does sound reasonable, provided factors such as a good paying job and cost of living expenses are in your favor.

Never lived with parents past high school and live in the most expensive area in the country (and own our own home here) and am a millennial who has more than that figure saved. Lots of different factors and circumstances go into these things (and no, no trust funds or inheritances).

 

[leebee]

Totally dependent on your career, though. I have a master's degree. I've never grossed more than $45K annually, with full time employment. It would be practically impossible for me to save $10K a year, after taxes, living on my own.

 

[tink89]

Millennial here. Just turned 30 ( don't tell anyone please). Just would like to say that not all millennial's live with their parents rent free. I have not lived with my parents and they have not helped me out financially since i was 18. We are very close and of course they would help if needed to. but i have always been very independent. My 401k could look better but it is good. And yes we travel a lot( especially to Disney) and buy nice things but all in moderation and all with in our means. We also save as much as we spend and have quite a good amount of savings.

These articles either always say we (millennial's) are living with our parents because we can't afford anything or they say we got it all figured out. Could it be that our generation is like other generations in where some people are savers and know how to deal with their finances, while others are trying to keep up with the Jones's or social media, while others just spend mindlessly and are in major debt.

 

[Brianstl]

Surveys like this are always somewhat misleading. Pensions aren't as big as they once were, but if you are vested in a pension you have a future source of retirement income that is not reflected by savings stashed in a 401k.

 

[RedAngie]

Well, sure, it's easy to have healthy savings once you destroy the real estate, diamond, and department store industries.

 

[tvguy]

Surveys like this are always somewhat misleading. Pensions aren't as big as they once were, but if you are vested in a pension you have a future source of retirement income that is not reflected by savings stashed in a 401k.

Not meaning to be sarcastic, but other than public sector employees, do workers even have pensions anymore? Only one company I have ever worked for HAD a pension plan, and they shut it down in 1976. Before I worked there, and I think the IRS ordered it shutdown

 

[tvguy]

Duplicate post

 

[siren0119]

Not meaning to be sarcastic, but other than public sector employees, do workers even has pensions anymore?

Maybe in some rare instances? I know that the company I work for did away with pensions a year before I started (so, 4 years ago) and they were a rare holdout - we're also a utility so generally about 15+ years behind the trends of regular businesses LOL

 

[Kitty 34]

Good Millennials !

 

[Heather07438]

Millennials having less children overall probably factors in this somewhere. Not saying there won't be $100k millennials with children, just that less children on average will increase that demographic's ability to reach a sum of $100k.

Also $100k isn't what it used to be, lol. As Yogi Berra said, "A nickel ain't worth a dime anymore ."

 

[Allison]

Good for them. Some of you sound pretty salty.

 

[wvjules]

Not meaning to be sarcastic, but other than public sector employees, do workers even have pensions anymore? Only one company I have ever worked for HAD a pension plan, and they shut it down in 1976. Before I worked there, and I think the IRS ordered it shutdown

Yes, I have worked for 2 of the Big 4 and both had pension plans. I assume the other 2 do as well. On the other hand, they both only matched .25% of 401K contributions.

 

[firefly_ris]

Well, sure, it's easy to have healthy savings once you destroy the real estate, diamond, and department store industries.

 

[Cannot_Wait_4Disney]

Well, sure, it's easy to have healthy savings once you destroy the real estate, diamond, and department store industries.

You forgot the corporate American Bistro and Taxi Cabs.

The best thing about Millenials. Applebees is on its last legs. Nuff said.
The Worst thing about Millenials. The rise of Chipotle.... Nuff said.

 

[firefly_ris]

We ruin EVERYTHING!

But our 401k and IRA did great this year.

 

[wvjules]

I don't get all of the millennial hate. I work with A LOT of millennials and I think they are all hard workers, eager to learn, and I don't have a bad word to say about them. Of course, I do work for a company that attracts go-getters and driven people so that may make a difference too.

 

[Brianstl]

Not meaning to be sarcastic, but other than public sector employees, do workers even have pensions anymore? Only one company I have ever worked for HAD a pension plan, and they shut it down in 1976. Before I worked there, and I think the IRS ordered it shutdown

16% of the Fortune 500 companies still offer a pension plan to their employees and 1 in 7 workers in this country work for some form of government. Most skilled trade union members either have a pension or an annuity retirement program through their union.

None of those get counted as savings for retirement when these surveys come out. This has an even bigger impact on the Gen X and Boomer retirement savings numbers because they have a higher chance to have been employed long enough by a company to be vested in a now closed plan.