Updated Friday, September 19, 2014 as of 9:54 AM ET

How Much Salary Should Clients Be Saving?

Generation Y is facing a retirement nightmare.

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Comments (6)
I work with a lot of young professionals with the 401k plans I have, and this message would only cause them to roll their eyes. They are increasingly burdened with student loans, as well as just trying to pay thier bills. So the idea of setting aside even 10% of their salary is inconceivable to them. Plus, they would rather save for a house than for retirement. While this advice is sound, it's unrealistic for many of the young professionals I work with.
Posted by Kelly G | Monday, August 04 2014 at 10:25AM ET
2 comments for Kelly: Saving is a lifestyle choice. And if you're not getting them to save now, I hope you're telling them to plan on working until 70.
Posted by victor g | Monday, August 04 2014 at 11:54AM ET
Two comments for Victor..Correct, savings for retirement is a lifestyle choice but, so is purchasing family shelter-aka a house.. TT
Posted by tom t | Monday, August 04 2014 at 1:10PM ET
Nobody will argue with needing shelter. A house - that depends. But a lot of young professionals have the nice cars, take really nice vacations, eat out at nice restaurants, etc... Many of those same young professionals are the ones for whom "setting aside even 10% of their salary is inconceivable." Those are the lifestyle choices to which I refer. You can be affluent (let the money flow) and retire later, or you can chose to defer some gratification now and you'll be better off in lots of ways. And, some people can afford to live a professional lifestyle and save 20%+, but that's not what we're talking about.
Posted by victor g | Monday, August 04 2014 at 3:30PM ET
Young people now are more enticed by all the advertisements for gadgets, food, fashion, vacation sites, etc. Financial independence advocacy will really have to take its place. Pounding it in the heads of these young people must be continuous. Else, they don't prioritize what is more important 20 years from their current age.
Posted by Fernando V | Monday, August 04 2014 at 8:34PM ET
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