New Survey: Millennials Unprepared for Retirement

Majority Want Alternative Retirement Savings Options

Maybe it is this generation’s record-breaking student debt, or maybe it’s the trend of getting married much later in life, but millennials are known for putting off adult responsibilities. The generation is pushing back the big financial decisions in life like buying a home and establishing a viable retirement plan.

A new survey[1] from the Indexed Annuity Leadership Council (IALC) reveals that 37% of millennials say they have no money for retirement, and 24% say they owe more than they’ve saved.

Across all generations, millenials are the least prepared but the most optimistic about the idea of saving for retirement. Most millennials think 401(k) when they think retirement, but with 401(k) plans becoming less fruitful, pensions dwindling and social security become less “secure,” they are looking to other options. So what is most popular with this generation? CDs, IRAs, annuities, cash under the mattress?