According to a 2008 study by Aon Corp., a 25-year-old earning $30,000 who has not started saving for retirement will need to save at least 4.2 percent of his annual salary until age 65 to have a chance of retiring with an appropriate amount of savings. If that worker were age 35 making $60,000, the number jumps to 7.5 percent.
A recent story on APP.com, shares tales of young adults who are on different spectrums of the saving scale. One 26-year-old, for example, works as much overtime as possible, and has socked away as much as $50,000. Yet another 25-year-old, who makes $22,000 a year working at a supermarket deli, is having a harder time making financial decisions given her upcoming wedding expenses.
Join the club.
“We toy with notions on how to save more, not just for our wedding but for the future as well,” she said. “But with everything that is happening in the world, choices are horribly limited. Two jobs? Good luck finding another one.”
Read more at APP.com.