Will Millennials Get To Retire? 10 Facts
Millennials generally refer to the 1980 and 1990’s babies. This generation has been observed and passed for being experimental. They prefer to live through high standards of living and spend their hard earned money on lavish lifestyles with little or no considerations to save for retirement. The millennial generation is obsessed with remaining young forever hence paying very little attention to retirement details. At the moment, every millennial’s worry is to have a comfortable life. So will the millennials get to retire?
Young Age
The oldest millennials will turn thirty-eight years this year which means they still have a few more years before they can start to actually consider retirement options. The fact that they still fall into the youth bracket makes millennials reluctant about saving for retirement. According to their age calculations, there is still time to plan for the retirement. Although they know they will have to retire one day in their life, they still think it’s a bit too early to start planning the retirement plans. ‘
Unemployment
Many countries are suffering from high unemployment rates majorly from the injection of many millennials into the labour force. Why would anyone worry about a retirement plan when they are uncertain about their livelihood in the next five or so years. Many unemployed or recently employed millennials are too engaged in their current lives that they can’t think about the retirement plans.
Poverty
According to statistics, millennials have not been favoured by the current economic trends and a significant number live in poverty. For this reason, most millennials are struggling to find a day’s meal and monthly rent rather than planning for retirement. It would not be ideological for one to pay for retirement plans whilst they can’t place a plate of food on the table. Retirement plans are not a priority for most.
Lack Of Faith In The Current Retirement Schemes
Over the recent years, there have been cases where millennials have witnessed their elderly grandparents and parents lose their pensions in the queerest ways. We could perhaps learn from another person’s mistake. Imagine losing a lifetime saving during old age when you don’t have the energy to work. These cases have spelt doom and the millennials have lost confidence in the saving for retirement and instead looked for other ways like creating survival groups for later use.
Future Uncertainties
Some millennials don’t have faith in the future or even the currency. Some foresee an environmental apocalypse that might render money meaningless which will require a new reproach to living then. Many millennials would rather channel the savings into buying assets and building themselves a self-sufficient environment around themselves in order to protect themselves from unpleasant futures.
Times Have Changed
Previous generations lived at a time the economy favoured them and had enough to spend and save hence their necessitating of saving for retirement. In this era, millennials are living in a world where everything is expensive even medical bills hence leaving so little for saving purposes especially retirement.
Millennials Live In The Moment
Millennials have grown to expect so little in the future and appreciate living in the moment. They prefer living experiences. Many millennials have admitted that more than once they have blown up their entire salaries on road trips or vacations because they only live once and anything could happen at any given time. Unlike the past generations, Millennials do not see the need to plan for an unsure tomorrow. Want to capture the beautiful moments? Talk to bitgale.com experts for the best photos and videos.
Low Expectancy Rates
Over the years, we have seen the validity in low expectancy rates owing to the kind of foods we eat today, the polluted environments, and the rise in incurable diseases among many other factors. All these contribute to the deeming of any bright old age times. Millennials have learnt to accept that reality and hence do not concentrate much on retirement. Most will concentrate on proving the very best for their family and parents because we don’t live forever.
Debts
Millennials will spend most of their young age paying loans either student loans, mortgages, car loans, and so on. These loans facilitate the smooth running of life while in employment. It would take ages before you earn enough to buy you a house on cash payment. Most millennials will not even think of pilling a retirement payment plan that will not help them in the next twenty years.
Taking Care Of Ageing Parents
According to statistics, a significant number of millennials believe they will help take care of their parents financially during the mid-ages. In most cases, parents will always chip in during college and during one’s early years into settling in life and of course during childhood. So it is morally right to support them with their retirement and medical plans during old age.
The above facts show that millennials are not scared about retirement although they will eventually retire, they do not account for the time at the moment.