Millions scared Brexit will hurt their nonexistent 401K
Earlier this week, residents of the United Kingdom voted via referendum to leave to the European Union (EU). This decision (also called "Brexit") will loosen the United Kingdom's economic and political partnership with theother 27 nations of the EU.
For most Alabamians and most Americans, this decision really doesn't matter very much. However, there are many Millennials and Gen-Xers at water coolers today who believe World War III is just around the corner.
For most Alabamians and most Americans, this decision really doesn't matter very much. However, there are many Millennials and Gen-Xers at water coolers today who believe World War III is just around the corner.
Along with this World War III fear, these same Millennials, Gen-Xers, and even some Baby Boomers are terrified that they are going to lose their 401K nest eggs.
There's only one small problem with that fear though—one actually has to participate in 401Ks to be hurt by 401Ks.
According to recent reports, 56 percent of Americans have less than $10,000 in retirement savings. Those numbers become even more destitute when we focus on generational groups.
- Millennials (18-34): 72.0 percent have less than $10,000 in retirement savings
- Gen-Xers (35-54): 51.7 percent have less than $10,000 in retirement savings
- Boomers and Seniors (55+): 45.3 percent have less than $10,000 in retirement savings
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