When it comes to investing for retirement, millennials —
usually defined as people born between 1981 and 1996 — face
some unique challenges. Most millennials entered adulthood after
9/11, the 2008 financial crisis and the Great Recession. Many are
burdened by student loans and other consumer debt. And all are
affected by rapidly rising health care expenses and other costs of
living. So, it is no surprise that many young people are gun-shy
when it comes to investing.
At the same time, a higher life expectancy means millennials
have to make their retirement savings last 20 to 30 years or more.
Given the daunting prospect of potentially outliving the nest egg,
millennials need to start saving for retirement while still
young.
