The thought of retirement may seem like the distant future to young grads, but socking away even a small amount into savings as a young adult can drastically impact the quality of post-work life.
A recent Merrill Edge report shows that young investors are starting to save much earlier with an average starting age of 22, while baby boomers started saving on average 13 years later at the age of 35.
What’s more, Gen Y, (ages 18-34), is increasingly optimistic about their retirement savings potential, with those surveyed stating they would save on average nearly $2.5 million for their retirement compared to those ages 51-64, who anticipate saving just $260,000.