How prepared are Millennials for retirement?

When Millennials entered the job market it was at the height of the recession — a rocky start to planning

The Millennial generation often gets a bad rap.

Millennials, also known as Generation Y, or simply Gen Y, are the generation after Baby Boomers and Gen X, generally individuals born between 1981 to 1996.

They are sometimes characterized in popular culture as lazy, entitled ‘snowflakes;’ disrespectful labels that carry over into the workplace.

The Millennial generation faces more than just pervasive stereotypes, they also deal with an employment climate that is much different than their parents. Gone are the days of full-retirement pensions, theirs has been called a do-it-yourself retirement system.

They may also bring with them a distrust of the financial sector. When Millennials entered the job market it was the height of the recession and all the “rules” had changed.

Now that Millennials make up the largest portion of the U.S. labor force they also bear the tax burden for older generation’s pension benefits – benefits they will never enjoy.

So, given the changing climate, how are Millennials preparing for retirement?

Joining Smart Talk to provide insight on retirement and career planning for Millennials are Jonathan Turner, author of Stop Faking It Start Making It, James Honchar, senior Human Resource Business adviser with PHEAA and Catherine Azeles, investment consultant with Conrad Siegel, a Retirement, Investment, and Healthcare employee benefit and investment advisory company.

Jonathan Turner, Catherine Azales and Jim Honchar appear on Smart Talk on January 13, 2020.

Smart Talk

Jonathan Turner, Catherine Azales and Jim Honchar appear on Smart Talk on January 13, 2020.

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