Most people don’t know how much money they need in retirement and are stressed about how to pay for it. But a Franklin Templeton Investments survey of more than 2,000 adults in January found that young people are relatively optimistic about their retirement prospects. More than a third of millennials say they will have a better retirement than past generations. That makes them more confident than Gen Xers, of whom only a quarter say the same.
Despite that optimism, 40 percent of millennials say they don’t have a retirement income strategy in place, and 57 percent report they haven’t even begun saving yet. “You never want to hear that, but you don’t get too concerned,” says Michael Doshier, vice president of retirement marketing for Franklin Templeton Investments. Doshier says there is an “evolutionary process” in which young adults almost always see retirement as distant and inconsequential to their present life. Then, as people age, it comes into focus and saving becomes more of a priority.
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