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Gold $1255.3 -0.2
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Talk to a representative: 855-242-4121


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Shockingly, Almost Half of Millennials Aren’t Saving for Retirement!

Millennials are up to a lot of things these days; saving for retirement, however, isn’t one of them.

According to data recently published by CNBC.com from the Wells Fargo Investment Institute, a whopping 41 percent of millennials -- those Americans aged 17 to 35 -- have yet to begin saving for retirement.

So what gives? Why is the retirement savings rate so acutely low for America’s young adults?

There appear to be a number of factors at play. For one thing, there’s the matter of burdensome student debt. Over a third of the demographic is carrying it, and the median amount of that is nearly $20,000.

It’s not student debt alone, though, that’s keeping millennials from putting away any dough for their Golden Years. Millennials are also pretty good at burning through whatever disposable income they do have. For example, TripAdvisor says that millennials are spending just under $3,000 per year on travel.

It seems, then, to be a mix of unique, generational financial challenges, along with some lifestyle choices, that’s conspiring to keep a greater number of millennials from investing toward retirement.

Part of what’s driving this especially low savings rate is a changing view of retirement. Many now plan to work during what are traditionally considered to be retirement years, and so concerns about having a healthy sum socked away are just not as great. After all, if you’re working all of your life, what difference does it make if you put any money aside?

While there are actually several problems with that perspective, here is, perhaps, the biggest: Despite your best intentions, your physical body will surely betray you at some point.

Fact is, there are plenty of stories of people who planned to just sail through retirement with the help of either a full- or part-time job, but then something happened:

They got old.

Old age is an eventuality that befalls all of us. No one escapes it. And as we age, our bodies break down. Some break down faster than others.

In other words, your health is the big wild card when it comes to fulfilling your “dream” of working forever. For how long will you really have good health? For how long will you be able to go to work?

This is why it is imperative to be prepared; why it’s essential to have money set aside in a retirement plan. Because you just don’t know what the future may hold.

And whether you’re a millennial or a baby boomer, it’s no longer enough to be devoted to a single asset class with your retirement plan monies, even if that asset class is equities.

Considering the increasingly precarious and unpredictable nature of the economy, you want your retirement account to be effectively diversified. Effective diversification is a portfolio management term that means each asset you own has a specific, strategic role in either increasing return or reducing risk.

One core asset that’s imperative for achieving effective diversification is precious metals. Gold and silver do especially well, historically, when equities are slumping, which means they can act to both increase return and diminish portfolio risk.

Accordingly, precious metals investing is an important part of ensuring that your overall retirement savings is effectively diversified, and, therefore, more secure.

Hopefully, you’ll find two takeaways in this piece. One, regardless of your plans, regardless of your outlook on life, you need to invest for retirement; you just have to – it’s a matter of survival. The other is that you must invest wisely. We believe that includes being effectively diversified through a discipline of gold and silver investing.

Need some help? Consider getting it from the team at Augusta Precious Metals. Millennial or not, once you do realize that retirement savings is a must, and you want to build a properly diversified portfolio that includes gold and silver, reach out to Augusta at 855-242-4121. The experts at Augusta are well-versed in the process of acquiring precious metals for IRA and non-IRA accounts alike, and are ready to assist you in achieving the all-important goal of protecting your financial future.

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Michael Dallo, CPA, JD, LL.M. is a tax attorney and certified public accountant (CPA) of Dallo Law Group, a Professional Corporation. For over 10 years, Michael has zealously represented hundreds of clients in resolving tax disputes with the Internal Revenue Service and California taxing agencies, as well as developing sound tax positions and arguments to minimize their federal and state tax liability.

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