Generation Y’s Retirement Struggles

Published on July 22, 2013

for Generation Y is starting out rough.  With many Millennials coming out of college with mounds of student loan debt, the last thing they are thinking about is saving for retirement.  These young people are exiting college into the worst economic outlook since The Great Depression.  They see people with more experience than themselves not able to find jobs or if they do find employment, those jobs don’t pay much.  It’s a bleak outlook for Generation Y retirement for other reasons as well.

What Can Be Done?

One of the only things that can really be done is to educate Generation Y on retirement plans and how to save for them.  Financial advisors need to reach out to this demographic and make it possible for them to work with financial planners.

Saving for retirement needs to be thought of early and often.  Even just putting a couple of dollars a month in a retirement savings account can be extremely helpful in the future. Whether young adults are choosing traditional IRAs or Roth IRAs, there are choices they should review with a financial planner to determine what works best for them. As an administrator of self-directed retirement plans, Next Generation Trust Services is always here to answer questions about various types of retirement plans as well. And we all agree that no matter how tough the road ahead might look now, saving early and often paves the best way to a more comfortable future.

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