I recently logged in to my Personal Capital account and received the following message;
27% of users like you have saved more.
You’ve saved 73% of the average tax-deferred investments (like IRA & 401K) for your age group among Personal Capital users. Is it time to start saving more? Learn more about saving more and even retiring early. How can I save more?
So, Personal Capital is telling me that I am in the 73rd percentile in my age group when it comes to retirement savings. I appear to stack up pretty well against my fellow Millennial retirement savers. I also like how Personal Capital frames the statement; they actually are encouraging me to save even more. They are telling me that 27% of users like me actually save more. I love the fact that they are really trying to push me to save more.
I can’t argue with this logic because it does push me to want to save more for retirement. Currently I am saving 15% of my income towards retirement. I then receive a 11.5% match from my employer. On top of that, both my wife and I max out Roth IRA accounts. In 2018 I do plan on increasing my retirement savings even more…even if it is by just a couple percentage points.
Millennials, you too, need to push yourself to keep saving more. We should all be striving for an early retirement. And, if you decide to work longer and well into your 60’s, then great, you now have more than enough for retirement in that scenario.