Most millennials have nothing saved for retirement
Two-thirds of millennials have absolutely no retirement savings according to a new report by the nonprofit National Institute on Retirement Security. The group found many factors contributing to millennials’ retirement savings challenges, from depressed wages to the lack of eligibility to participate in retirement plans.
Just a little more than one-third of millennials actually participate in employer-sponsored plans even though two-thirds work for employers that offer retirement plans. The eligibility requirements set by employers, which keep 45% of working millennials out of plans, drives this coverage gap rather than workers choosing not to save.