How millennials’ incomes may impact boomers’ retirements

You’ve probably heard the term “millennial” bounced around quite a bit lately. What exactly is a millennial? These are individuals between the ages of 18 to 34. The age group is significant because they have surpassed Baby Boomers (51-69) as the nation’s largest living generation according to population estimates by the U.S. Census Bureau.

New studies have revealed a significant generational divide with millennials earning 20 percent less than boomers did at the same stage of life. In addition, millennials have half the net worth of boomers (According to Federal Reserve data by the advocacy group Young Invincibles). You may be asking yourself, “What does this have to do with me?”

If you’re retired or on the cusp of retirement, declining millennial incomes could have an impact because payroll taxes help to finance Social Security and Medicare benefits that many boomers receive. These same boomers need younger generations to buy their homes and invest in the financial markets to protect their own savings. All of these things combined could negatively impact the boomer generation. Social Security was never meant to be our only source of retirement income. That’s why saving and investing is a critical component of any sound retirement plan.

“In the long run, it’s not just how much money you make that will determine your future prosperity. It’s how much of that money you put to work by saving it and investing it.” – Peter Lynch

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