What's The Deal: Are millennials saving enough to retire?

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What's The Deal: Are millennials saving enough to retire? Alicia Vitarelli reports during Action News at 4:30 p.m. on March 8, 2018. (WPVI)

If you're a millennial, a new report out shows most people between the ages of 21 and 32 have nothing saved for the future.

The National Institute on Retirement says, 66 percent of millennials find it hard to put anything aside.

We're here to help.

First, if you've been putting off that 401k, even contributing one or two percent, it could make a big difference down the road. Start by saving anything.

Now, what are we spending our money on?

The finance blog Millennial Money says we typically spend 70% of our money on three things: Housing, transportation, and food.

And if you shave back these bills, you can increase your saving power by 25%.

Starting with housing - the goal is to spend 25% or less of your after-tax income.

They say even billionaire Warren Buffet uses this calculation, living in a modest house that's worth .001% of his total wealth.

Now, to transportation from commuting to gas and tolls - this one can be a doozy.

And more Americans borrowing more money last year to pay for their cars than to pay for college.

The goal? Get those auto loans down and consider the cost of your commute.

Finally, food, dining out makes up 43% of average annual food spending.

Clearly cooking at home and bringing lunch makes a big difference.

The folks at Millennial Money say they did this for one year, dining out one day a week, and saved 13 grand in a year.

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