Minnesota Millennials Need To Save 40% of Their Paychecks
The word on the street is that Millennials who want to live off even half of their salaries in retirement will need to save 40 percent of each of their paychecks over the next 30 years.
That's why I tell my kids to live with me as long as they can stand it. Save your money. You're gonna need it someday.
Let's be realistic. Most people can't even save 15 percent of their paychecks for retirement. Single parents are working two jobs to make ends meet. Heck...Married people are working two jobs to make ends meet!
They say we're talking about Millennials..but I know too many people that have lost everything and had to start completely over. Those folks also have to save that much...and pay taxes..and take care of their families.
Reality is this...If you can't make it work, you will need to consider retiring at a later age, or consider taking on another job, even part time now, or later; might also be the answer.
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