Two thirds of millennials have NOTHING saved for retirement

The National Retirement Institute found that 66 percent of the generation has nothing saved for retirement

Two-thirds of Americans in the millennial generation have not saved a penny for retirement, a new study shows.

The research reveals that 66 percent of young people between the ages of 21 and 32 did not save anything for retirement and those who do have not saved enough.

Researchers at the National Retirement Institute call the data a "look of retirement deeply worrying for the millennial generation."

Although many factors contribute to this, the failure is mainly due to depressed salaries and ineligibility to participate in employer-sponsored retirement plans.

The National Retirement Institute found that 66 percent of the generation has nothing saved for retirement

The National Retirement Institute found that 66 percent of the generation has nothing saved for retirement

This is mainly due to depressed salaries and ineligibility to participate in retirement plans

This is mainly due to depressed salaries and ineligibility to participate in retirement plans

This is mainly due to depressed salaries and ineligibility to participate in retirement plans

There are approximately 83.2 million millennials in the United States, which is the largest, best educated and most diverse generation in the history of the United States. UU

Most of those who save have less than $ 20,000 for retirement, even though the average balance is $ 67,891.

The study shows that only 14% is adequately saved for retirement.

And the situation is much worse for Latinos who work in that age range.

About 83 percent of Latinos have nothing saved for retirement.

However, in all racial and ethnic groups, more than nine in 10 millennials participate in employer-sponsored retirement plans when they are eligible.

This highlights a problem with employers and savings plans, as well as the economy.

About 40 percent of millennials who do not have a retirement plan said it was because they did not qualify or because they had not worked at their jobs long enough, according to the study.

A graph shows that most millennials between 21 and 32 years old save less than $ 20,000

A graph shows that most millennials between 21 and 32 years old save less than $ 20,000

A graph shows that most millennials between 21 and 32 years old save less than $ 20,000

The figures show that only 14 percent adequately saves for life after work

The figures show that only 14 percent adequately saves for life after work

The figures show that only 14 percent adequately saves for life after work

Employer-sponsored retirement plans remain the most important vehicle to provide retirement income, after Social Security, according to the study.

However, it is estimated that 55 million workers in the USA. UU Of all generations, they do not have access to this retirement savings plan sponsored by an employer.

The future looks bleak when it comes to savings for the millennial generation, as the generation may face additional cuts to Social Security.

Twenty-one percent of Millennials already worry about their retirement security, according to the study.

In addition, about 47 percent are worried that they will not be able to retire when they want and 67 percent are concerned about the survival of their retirement savings.

This report is an analysis of data from the 2014 Program Participation and Income Survey (SIPP) from the US Census Bureau. UU

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