Millennials are facing different challenges when it comes to compared to other generations, said Sean Rawlings, a financial advisor with in Scottsdale, Arizona. For one, Social Security benefits will most likely be reduced or the age at which someone can start receiving benefits will be extended. Many millennials have also shifted to self-employment and the gig economy.
So the burden of saving for retirement, along with covering major expenses such as healthcare, has fallen more squarely on their shoulders. “Inflation is also a massive concern for millennials,” Rawlings said. “We will likely see higher inflation and/or tax rates for millennials, especially when it comes to retirement planning.
” According to a 2022 survey by Voya Financial, 73% of millennials agreed or strongly agreed that they are worried about the impact of inflation on their ability to save enough for retirement. Additionally, 57% of millennials agreed or strongly agreed that they will need to delay retirement due to inflation. While that might make saving for retirement seem like a daunting task, know that it doesn’t have to be.
Below are a few ways millennials can One of the best things you can do while you’re young is avoid lifestyle inflation, according to Lauren Anastasio, senior CFP at . That’s when you allow your lifestyle to become more expensive as you earn more during your career. “It’s a common phenomenon to go from living with roommates to having your own place once you start m.