In a world where children look at electronic computer screens all day and talk to their friends through them; where they ride skateboards that are powered by electric motors and they do not have to exert any effort and getting from point A to point B…. exist a third of an entire generation of people who according to the National Institute of Retirement Services does not have any retirement savings at all. That’s right, you heard me. Paul Mampilly, former hedge fund manager and investor, did a small quick online survey to poll most of his friends and see if they had any saving for retirement.
It turns out that, even though the survey, 45% of the respondents had no retirement savings and 55% did have some. Is this due to Paul Mampilly choosing bad friends? Or do we live in a world where it is harder and harder for Millennials to find a job thanks to a never diluting education system which usually does not amount to much. More and more Millennials are graduating with degrees that are worthless that they cannot use, and their education is putting them farther and farther in debt which is preventing them from creating retirement savings.
A millennial is defined as someone who was born between the age of 1981 and 1991, putting them currently at an age between 27 and 37. So in an effort to find the best way to save up for a retirement, Paul Mampilly ask his and what he should do to save up for retirement the best way possible. Her recommendation to Paul Mampilly was that he finds an employer that offers 401K matching so that whatever he invest into his retirement will be matched by his employer. This will double his own chances of having a good retirement and future.