LAKE CHARLES, LA (KPLC) - According to new research, 95 percent of millennials are not saving enough for retirement.
The National Institute on Retirement Security found that roughly 66 percent of people ages 21 to 32 have nothing saved. Many millennials entered the workforce at a time of stagnant wages and high unemployment, and many are saddled with student loan debt. Add that to mortgage payments and other bills, and there's not much left for retirement savings and those who are saving aren't saving nearly enough.
The study even showed that 83 percent of Latinos from this generation have nothing saved for retirement. And one-third of this generation actually participates in employer-sponsored plans despite that two-thirds of millennials work for employers that offer retirement plans.
To help improve the findings the report offers policy recommendations such as expanding DC plan eligibility for part-time workers, reducing waiting periods, increase auto-enrollment, proving more awareness, protecting and strengthening social security and more.
To download the full report, click HERE.