Millennials Say They Want to Save for Retirement, but a Third Aren't Doing it by - City News Group, Inc.
View Upcoming Events View Your Local Sales

Community Calendar

◄ AUGUST ►
S M T W T F S
26 27 28 29 30 31 01
02 03 04 05 06 07 08
09 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 01 02 03 04 05
View Events
Submit Events
directory

Millennials Say They Want to Save for Retirement, but a Third Aren't Doing it

By ,
July 13, 2015 at 02:20pm. Views: 171

Nearly one in three millennials have no money saved for retirement, and a quarter of millennials - people between the ages of 18 and 34 - report owing more money than they have currently saved, according to a survey released by the Indexed Annuity Leadership Council (IALC). "This year, millennials finally surpassed all other generations and now make up the largest share of our workforce, which makes it so concerning that such a large portion of these young people are astoundingly unprepared for retirement," says IALC executive director Jim Poolman. Still, out of all generations, millennials are also the most open to retirement savings options that protect against stock market fluctuations and offer the opportunity for growth. According to the survey, 52 percent of millennials showed interest in products like fixed indexed annuities that provide guaranteed lifetime income while ensuring the principal investment is never lost. "It's no surprise that millennials, who entered the workforce after the tumultuous 2008 economic recession, are showing the most interest in products that can provide certainty against the unpredictability of the stock market," Poolman says. "This certainty becomes even more important as our retirement landscape continues shifting to a more pay-for-yourself era." So, how can millennials with nothing saved for retirement get started? Poolman has some basic tips: 1. Remember, every penny counts When you're young, you have time on your side, so put as much money aside as you can. This might mean skipping a night or two on the town or packing your lunch more often. While this doesn't seem like much, making one or two small changes can add up to considerable savings. 2. Take free money Consider contributing to your company's 401(k) plan or any employer-sponsored available plan. Think of any plan your employer is willing to match as "free money." 3. Balance your portfolio As a young professional, you have the luxury to put some of your money into high-risk investments since your retirement is seemingly far away. However, for the safety of your future, it's important to also consider adding more conservative savings products like health savings accounts or fixed indexed annuities that can provide much-needed balance to your retirement portfolio. 4. Start now Don't wait. It's crucial to start saving for retirement as early as you can. The earlier you start saving, the more likely you are to meet your retirement goals. Even if you can only contribute 1 percent of your salary, anything is better than nothing, and it can add up quickly. The IALC offers online calculators that can help you see how much you should be saving (taking into account your age and your retirement goal) and whether your current retirement savings will be sufficient.

Related Articles

Downtown San Bernardino's Small Business Momentum Signals a New Chapter for the City's Future
Photo Courtesy of: AI-generated by ChatGPT.

By Sadie Collins, Community Writer

July 1, 2026 at 01:33pm. Views: 945

Pedestrians walk past locally owned shops and outdoor cafés in a vibrant downtown district, illustrating how small businesses contribute to economic growth, community pride, and a welcoming environment in San Bernardino.

Blue Mountain Continues to Inspire Outdoor Recreation and Conservation in Grand Terrace
Photo Courtesy of: MapQuest

By Sadie Collins, Community Writer

July 1, 2026 at 01:33pm. Views: 796

Hikers enjoy scenic trails and panoramic views from Blue Mountain Open Space in Grand Terrace, one of the city's most treasured natural landmarks and recreational destinations.

Grand Terrace Library's Summer Programs Inspire Young Readers and Bring Families Together
Photo Courtesy of: AI-generated by ChatGPT

By Grant Walker, Community Writer

July 1, 2026 at 01:33pm. Views: 623

Families and children participate in educational activities at a public library, reflecting the Grand Terrace Branch Library's commitment to lifelong learning and community engagement.

Growing Greener Together: How Loma Linda's Trees, Trails, and Open Spaces Shape a Healthier Future
Photo Courtesy of: AI-generated by ChatGPT

By Grant Walker, Community Writer

July 1, 2026 at 01:33pm. Views: 723

Residents enjoy a tree-lined walking path and community park, reflecting Loma Linda's long-standing commitment to healthy outdoor living.

Building More Than Businesses
Photo Courtesy of: AllEvents

By Nolan Hayes, Community Writer

July 1, 2026 at 01:33pm. Views: 722

Local business leaders, entrepreneurs, and community members gather for a networking luncheon focused on economic development and collaboration.

Healthy Communities Begin With Healthy Conversations
Photo Courtesy of: AI-generated by ChatGPT

By Sadie Collins, Community Writer

July 1, 2026 at 01:33pm. Views: 746

Healthcare professionals lead a community wellness program designed to educate residents about healthy living and preventive care.

Summer of Discovery: Loma Linda Library Helps Turn School Break Into a Season of Learning
Photo Courtesy of: AI-generated by ChatGPT

By Caleb Foster, Community Writer

July 1, 2026 at 01:33pm. Views: 700

Children and families gather at a public library to enjoy story time, browse books, and participate in educational activities during the summer.

Totally Kids Rehabilitation Hospital Honored with National Quality Award
Photo Courtesy of: Totally Kids Rehabilitation

By William Cortez, Community Writer

June 26, 2026 at 07:56am. Views: 1478

Totally Kids Rehabilitation Hospital’s pediatric subacute program has become the only program
of its kind in California to earn the Bronze Commitment to Quality Award from the American
Health Care Association and National Center for Assisted Living

Highland GLO MedSpa Celebrates Grand Opening, Bringing Advanced Medical Aesthetics to the Highland Community
Photo Courtesy of: Highland Glo MedSpa

By Highland Glo MedSpa, Contributing Writer

June 24, 2026 at 12:29pm. Views: 1571

Claudia Torres, Aesthetics Consultant, Mairah Angulo, Aesthetics Consultant, Jill Ali, FNP-C (Provider), Dr. Namita Mohideen, MD, CEO, Dr. Kelly Jeu, MD, Provider, Dr. Jose Arciniega, DO, Provider, Ilsse Castillo, Office Manager, Alexia Sanchez, Office Manager

The Civil Rights Institute of Inland Southern California Proves Its Relevance in a Changing America
Photo Courtesy of: The Civil Rights Institute

By Carl M. Dameron, Contributing Writer

June 24, 2026 at 12:29pm. Views: 1441

Photo caption: The Civil Rights Institute Board of Directors and the community celebrate the Woman of Achievement Awardee. Photo L to R: Ken Gutierrez, The Civil Rights Institute Board Member; Kathy Wright, Community Leader; Sabrina Gonzalez, Civil Rights Institute Executive Director; Launa Wilson, The Civil Rights Institute Board President; Q'Vinc Asberry, The Civil Rights Institute Board Member; Irma Asberry, Community Leader/Retired Judge, Superior Court of Riverside County.

Turning Grades into Goals: San Bernardino Students Honored for Academic Triumphs
Photo Courtesy of: Chris Sloan

By Carl M. Dameron, Contributing Writer

June 24, 2026 at 12:29pm. Views: 1057

Valdez Educational Services President Aaron Valdez, SBCUSD ETSA Wil Greer, Ionatauna Asu, Student, Equity guest teacher Fernando Tanioka, then Equity Counselor Francine Blacksher, celebrate Asu’s achievement, taking his grades from a low F to a high A, at An Evening of Excellence.

Colton Chamber of Commerce New president

Photo Courtesy of: Christina Gaitan

By Chamber Inducted new President , Community Writer

June 24, 2026 at 12:29pm. Views: 1154

left to right -Nelky Rodriguez ( secretary) - Arnise Dejohnette ( board member)- Anna Juarez (board member) David Toro (Council member) Belen Cordero(Board member) - Javier Gomez (treasurer) City Manager -Mayor Frank Navarro- Brian Childstrom (Emeritus) Christina Gaitan (Coordinator) Shelley Burnach ( Vice President ) Lesley Stevens ( Board member) Frank Aguliar (president ) Matthew Hernandez (board member) Councilman Dr. G - Chief Vega Colton Police Department .

--> -->