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Your retirement anxiety can’t be cured online
When it comes to saving for their retirement, too many millennials rely on free advice they find on social media.
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Nearly 80 per cent of millennials and Gen Z have turned to social media for financial advice, according to a Forbes Advisor survey.
PHOTO: UNSPLASH
Erin Lowry
The often-cited goal of having a US$1 million (S$1.36 million) retirement nest egg needs to be retired itself. Adjusted for inflation, it would take nearly US$1.9 million to have the same purchasing power today as in 1999, when the oldest of millennials were just turning 18. Granted, US$1 million still sounds like a lofty sum to many Americans, which could be why so many are nervous that they will not reach the double-comma club by retirement.
What makes me anxious for my fellow millennials, however, is how many are relying on social media, YouTube, podcasts and cable news for free advice about how to build their retirement plans. All these platforms are loaded with unreliable information that could create unrealistic expectations.
