It seems that, every few weeks, a new study or article comes out citing a rise in the average age of retirement. Hard economic times and longer lifespans make the idea of full retirement seem like wishful thinking for people across generations.
For millennials, those born between 1980 and 2000, retirement may never be a viable option. The generation that came of age in the tech boom of the 1990s but graduated from college into one of the worst recessions our nation has ever seen is behind financially.
The median debt for a student upon graduation is now $23,000, and more than 7 million college grads are currently estimated to be in default. Eighteen percent of college students are unable to find jobs after graduation. These are crucial setbacks at the beginning of a career and may be impossible to recover from. The National Bureau of Economic Research reports that those who graduate into a recession earn 10% less over a decade of work. Research also shows that 70% of overall wage growthRead More »from Why Millennials May Never Retire