Saving for retirement isn’t just about stashing away however much you think you’ll need to keep up your lifestyle — it includes planning for the unknown.
Unfortunately, a lot is unknown. For millennials, that includes if they’ll receive Social Security or Medicare benefits, if they’ll need to help their aging parents, and how their retirement funds are managed. “The need for millennials to save for retirement as early as possible is even greater now,” said David Siegel, chief executive of investing website Investopedia.
More than half (52%) of millennials guessed how much they would need in retirement, according to a 2014 Transamerica Center report, and only one in 10 used a calculator or spreadsheet.