Since I stopped doing Your Money Fridays, and started my personal finance blog (now titled The Dog Ate My Wallet), I haven’t written much here about personal finance. But I thought this was interesting:
It’s estimated that Gen Y will need around $2 million in savings in order to retire comfortably. And this is assuming they don’t retire until 70.
In slightly less general terms, it’s estimated that Gen Yers will need 18.7 times their final salary saved up and Gen Xers will need 16.1.
Pensions are almost non-existent and government assistance is declining. Guess it’s time to start saving.
Tags: gen x, gen y, personal finance, retirement, your money
My company is essentially killing off their pension plan this year.
Will you get something out of it, at least? Are they replacing it with a 401(k) or similar retirement plan? If not, you should start looking at a Roth IRA if nothing else. I do not want to have to support you in your old age :-p