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Millennials saving more towards retirement

More and more millennials locally and around the country are seemingly taking retirement more seriously than their parents, according to a local investment associate.  A recent Wells Fargo survey shows that 45 percent of millennials have a retirement savings account and a third are actively contributing to it.  Casey St. Henry of Thrivent Financial in Sturgeon Bay says he believes that many millennials have learned a hard lesson from their parents.

 

 

St. Henry adds that the housing crisis and high expense of homeownership have younger people saving more towards the “American Dream”.  By saving at a younger age and beating the cost of inflation in the long run, you can take advantage of the “compounding” of interest.  That leads to more financial security when you are older.  

 

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