7/21/2015 – Why Millennials Aren’t Saving More for Retirement (Time)

Another Millennial myth may be biting the dust. Apparently, millennials have better retirement saving habits than Baby Boomers. Millennials save 8% of their paycheck for retirement, according to a recent survey from T. Rowe Price. Baby boomers are just slightly ahead at 9%. The only reason millennials aren’t saving even more is that they have college debt to pay off and do not earn much money yet, according to Anne Coveney, senior manager of retirement thought leadership at T. Rowe Price. The median personal income of millennials is just $57,000.

Read the full article in Time.