There is a business article going around that is trying to shame millennials for not saving for retirement. In J.P. Morgan’s 2016 “Guide to Retirement” they show a chart that conveys very drastic differences between those who start saving for retirement at different ages.
In the article they use Chloe, Lyla, Quincy, and Noah. Noah hides away $10,000 a year from ages 25 to 65 with a 2.25% return. By doing this, this leaves him with $652,000 to live off of. Chloe takes her $10,000 a year and invests in stocks. It is assumed that she will retire with $1.87 million.
The article is trying to teach millennials that rather than buying new things, they should put that money into a retirement plan. I think these people must have forgot that a lot of millennials are in school and have loans to pay back! It has been reported that the average college graduate is $30,000 in debt.
As nice as it sounds to put money into a retirement plan, as of right now, millennials have other finances to worry about.
Source: Complex
