Millennials challenged by funding modern retirement

Today's 20-somethings face some challenging dilemmas when it comes to saving for retirement.

Not only must they fund their own retirements due to the near evaporation of company pensions, they also are saddled with more student-loan debt, stagnant wages and higher living expenses compared to a generation ago. And at the same time — in another departure from their parents' and grandparents' experience at the same age — they want to ... well, spend more time enjoying life.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

How Does Your Student Loan Debt Threaten Your Retirement?

What if members of working-age households had been burdened with the same level of student loan debt as students leaving college today?

That’s the question modeled by researchers in a new study that concludes significantly more households would be running the risk of not having enough income during retirement.

Researchers Alicia H. Munnell, Wenliang Hou and Anthony Webb at the Center for Retirement Research at Boston College asked, “Will the Explosion of Student Debt Widen the Retirement Security Gap?”

The answer was a resounding yes. If working-age households had started out with today’s student loan debt levels, an index measuring the risk of not having enough income for retirement would now be at 56.2 percent, instead of 51.6 percent.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755