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how millennials got a six-figure start on retirement saving

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how millennials got a six-figure start on retirement saving

if you have read the latest headlines, you know millennials get a mixed financial rap. some reports say they are throwing their money away on avocado toast and dining out, while others claim they are killing the earnings of restaurant chains by cooking at home more.whatever you believe about their financial habits, some millennials at least are sitting on six-figure retirement accounts.in a fidelity investments analysis of 59,000 millennials — those born between 1981 and 1997 — who have participated in their company's 401(k) plan for 10 years, the average balance was $109,400 at the end of june 2017.this isn't thanks to rich parents. these savers can't all work in investment banking. and odds are that at least some have student loan balances. rather, the common thread — and secret to a fat 401(k) — is consistency.regular contributions add upif you steadily save a reasonable portion of your income over a long period of time, you are going to end up with a pile of money."saving slowly and methodically while keeping expenses low will generally get you where you need to go," said timothy j. lapean, a certified financial planner in minneapolis."you don't need to shoot for the sky. all you need is a long series of incremental wins."the millennials in fidelity's analysis aren't super savers. less than a third have a total savings rate — which includes their contributions, plus company matching dollars — of 15 percent of their income or more.financial planners c...