The generation Baby Boomers raised to consider themselves special, are even more special than that you imagine. According to a new analysis, the more educated Millennials are earning 20% less than their parents did at the same stage of life.
Young Invincibles research shows that millennials’ household income is approximately $40K. The median college-educated millennial with student debt is only earning slightly more than a baby boomer without a degree did in 1989. Millennials’ median net worth is $10,090 – that’s 56% less than it was for boomers.
Declining fortunes of millennials
This could impact baby boomers who are retired or on the cusp of retirement. Payroll taxes from millennials helps to finance the Medicare benefits and Social Security that many boomers receive — programs that Trump has said won’t be subject to spending cuts. And those same boomers will need younger generations to buy their homes and invest in the financial markets to protect their own savings.
Staggering numbers like these can only mean you paying MORE TAX FREE at retirement than your parents EVER earned, AND, perhaps even more than you’ll ever earn. This is why planning for your retirement should be a HUGE priority in your life. We offer complementary workshops to help you educate yourself on making the best financial future.