Secure Choice SB1234
Some Millennial Retirement Expectations Unrealistic
There is a new law called SB1234. What is SB1234 it is a law regarding retirement plans for all employees. All employees will have access to an Employer sponsored retirement plan. If the Employer does not offer one you can get your own. To learn more visit www.treasurer.ca.gov/scib. I am also available to help in your choice of Retirement Plans. 909-656-4885
One-third say they plan to save $200,000 or less to be comfortable in retirement; they only expect to live to age 81; and very few feel they will end up in an assisted living facility, according to a su
A survey of Millennials, ages 21 to 37, finds 58% are saving for retirement.
Of those saving, 84% have saved less than $50,000, according to the survey by Aperion Care. Ten percent have saved in the $50,000 to $100,000 range.
One-third (34%) of Millennials say they plan to save $200,000 or less to be comfortable in retirement. Aperion Care notes that according to the AARP, in order to live off of $40,000 a year, a retiree needs to save about $1.18 million for a 30-year retirement. Only 20% of Millennials plan to save $500,000 to $1 million for a comfortable retirement, and only 15% plan to save $1 million to $2 million.
But, Millennials, on average, expect to live to age 81. And, while 61% expect to live to an older age than both their parents, nearly four in ten do not.
In addition, the majority (57%) of Millennials expect to die in their homes, rather than in a retirement community (4%), hospital (18%), hospice (4%) or assisted living facility (5%). Aperion Care notes that studies show only about 20% of people die in their own home.
Sixty percent of Millennials expect to be in an average financial state when they die, while 11% believe they will be poor. Forty-five percent say they will be in a better financial state than their parents, but 38% say they will be in the same financial state. Only 16% expect to be in a worse financial state than their parents when they die.
More results from the study may be found here.
Tagged: Retirement Income, retirement readiness
I will be posting more about Secure Choice and when the new Exchange will Open.