Vanguard data shows typical millennial retirement balances are still modest, but time and steady saving could put $1 million within reach.
Under our estimates, a 30-year-old millennial could reach $1 million by age 65 at a 10% total contribution rate.
A 40-year-old millennial may need a total contribution rate closer to 15% to reach $1 million by 65.
For many millennials, millionaire retirement status can feel simultaneously necessary and out of reach. Living costs are high, housing remains expensive, and student debt has weighed on many savers during their prime wealth-building years.
But Vanguard's latest retirement data suggests the picture is not all bleak. Median balances are still modest, but for millennials with decades left to invest, steady contributions and compounding could make a seven-figure retirement balance possible.
#Retirement #million #still #year
Under our estimates, a 30-year-old millennial could reach $1 million by age 65 at a 10% total contribution rate.
A 40-year-old millennial may need a total contribution rate closer to 15% to reach $1 million by 65.
For many millennials, millionaire retirement status can feel simultaneously necessary and out of reach. Living costs are high, housing remains expensive, and student debt has weighed on many savers during their prime wealth-building years.
But Vanguard's latest retirement data suggests the picture is not all bleak. Median balances are still modest, but for millennials with decades left to invest, steady contributions and compounding could make a seven-figure retirement balance possible.
#Retirement #million #still #year
3 months ago
