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What is the recommended retirement savings by age? It appears that millennials and Gen Z are falling behind on their retirement savings, according to a recent study by Fidelity. Robert 'Bob' Powell, and award-winning author and retirement expert, Anne Lester, break down the findings and provide retirement advice for millennials and Gen Z, including their tips on how to pay down student loan debt while still saving for retirement. Advice for millennials and Gen Z (00:28) In an analysis of its 23.3 million 401(k) participants at the end of Q1 this year, Fidelity found that the average balance for Gen Z increased 15 percent from the fourth quarter to $11,300, compared to an 11 percent increase to $59,800 for millennials. Across all generations, the average balance rose 6 percent to $125,900. Lester believes we should take those numbers with a grain of salt. "Number one, the oldest Gen Zers are 27, so they have a little more time," Lester explained. "Number two, there is a lot of job hopping happening with younger workers. And so, to what extent have those people worked for the same company for the entire time or rolled their money over into the new plan? So it's possible that those numbers may be slightly understating the amount people have actually saved." S.T.A.S.H. (12:40) Powell and Lester broke down the acronym S.T.A.S.H., discussed in Lester's book, 'Your Best Financial Life: Save Smart Now for the Future You Want'. According to Lester, S.T.A.S.H. stands for the 5 things t
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2024/09/05
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