Millennials in today’s day and age are simply not putting their money where their mouth is, according to former hedge fund manager and investor Paul Mampilly. This is not inherently their fault from the beginning, as they have been growing up in a generation where education has been devalued and diluted to the point where competition is extremely grade and many graduate with a 4 year degree not being able to use it. After posting a simple question on his social media feed, his response from a very small pool of respondents was that 45% did invest in their future in terms of retirement accounts, and 55% did not invest into retirement accounts.
After conducting a quick survey online on his social media account to just some of his close friends and acquaintances, Paul Mampilly found out that the majority of his family and friends, which did include a Millennial base, did not even have a retirement fund. The national figure is that 67% of Millienials did not have a 401k according to the National Institute On Retirement Security. But to look further into this, Paul Mampilly beg the question, “what constitutes a millennial”?
According to the NIRS, a Millennial is someone born between the year 1981 and 1991. Therefore according to his own logic, most millennials are at the youngest age 27 and have been working for a little over 3 years. For them to be able to put away $200 every month until they retire, they would end up with $100,000 for retirement in savings. Paul mampilly asked his aunt about the 401K deal, and she advised him to just find a company that would match his 401k contributions: That is the best way forward for any Millenial wishing to secure their retirement in a way that is more conducive to future savings.
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— Paul Mampilly (@MampillyGuru) September 24, 2018