Retirement probably seems like a lifetime away, but saving for retirement should start early–if you ever plan on retiring at all. But some scary news emerged: 25 percent of us are not saving a dime.
CNBC reports that millennials are the worst offenders in the lack of savings, and there are a few reasons for that: One, most millennials are still treading water in student loan debt, which creates a wealth gap (more on that tomorrow). When you’re living paycheck to paycheck, it’s a lot harder to even fathom setting aside a few thousand for when you’re 65 years old.
Two, most millennials think retirement is too far out to bother thinking about just yet. (This is wrong!)
Three, and the most unsettling reason that millennials aren’t saving for retirement? About 46 percent of those not saving for retirement feel like they can’t afford to set money aside on a middle class income. That’s up from 2011, which means the economic recovery may be happening a lot more slowly than we think–if at all.