By Ed McCarthy
Source: Plan Sponsor
Millennials — those born between 1981 and 1996 — are now the largest demographic group by age in the U.S. The oldest Millennials have reached age 41, which lands them in the decade when adequate retirement savings become more important. So how well are they doing with their retirement plans?
Multiple Challenges
Angie O’Leary, head of wealth planning with RBC Wealth Management–U.S. in Minneapolis-St. Paul, says that Millennials have multiple financial worries that can create retirement-savings obstacles. She cites a recent RBC survey of Millennial HENRYs—short for “high earner, not rich yet”—which found that this cohort’s finances are often a juggling act. Besides trying to save for retirement, they’re concerned with housing costs, starting families (or paying childcare expenses and starting college funds if they already have children), paying back their own college loans or taking on new debt to pay for graduate school.