In a recent article on GOBankingRates, Wealthcare’s Shaun Tarzy and Michael Boggiano weigh in on the rising cost of retirement and what younger generations can do to prepare. With inflation steadily increasing the cost of living, the article explores why Gen Z and millennials may need to save closer to $3 million to retire comfortably.
Shaun Tarzy explains that while $3 million is a reasonable benchmark, every individual’s retirement goal will depend on their lifestyle and income. He emphasizes that planning with inflation in mind is key. Michael Boggiano adds that saving consistently, ideally 15% to 20% of your income, is critical, and that relying on $500 monthly contributions may fall short for many earners.
The article also highlights findings from a Wealthcare Financial study and includes actionable tips to help younger savers catch up if they’re behind.
