I’m fit to retire and I’m only 25, but it looks like I’ll be waiting quite some time until I can do so. A new report has revealed just how much Generation X needs to save to retire comfortably and basically, we’re screwed.
Blacktower Financial Management Group claims that Generation X needs to save approximately €448,699 (£375,676) to retire comfortably.
If you plan on living out your retirement years without worrying about finances, then retirement saving is a must.
But we’re going to have to win the lotto at this rate.
Millions of employees work tirelessly for decades in the expectation of a comfortable retirement in the future. But for many residents retirement is an event to be feared due to lack of savings and pension.
The latest figures by Blacktower Financial Management Group reveal that Generation X needs to have saved €448,699 (£375,676) to retire on an income of €32,050 per year (£26,834.)
Apparently, millennial's in their early thirties should have already put away over €83,588 (£70,000) if they want a stress free and happy retirement. Even 25-year olds with an average of just a year of full-time work under their belt need to have already saved €18,791.66 (£15,745) regardless of what else they are paying for according to Blacktower.
Better stop splashing out on oat milk lattes and avocado toast then…
In reality, us millennials have saved around €1,2000 (£1,000) which comes as no shock considering just how extortionate the cost of rent and living is nowadays.
Time to buy a few scratch cards and hope for the best, I guess.