Rethinking retirement: Millennials on the search for financial guidance – Erin Lowry

In a financial landscape where the $1 million retirement goal falls short, anxiety about retirement looms large. Millennials flock to social media for financial guidance, despite its pitfalls. Dave Ramsey's advice, though popular, can be risky. Experts advocate for a conservative 4% withdrawal rate, but recent legislation offers hope with auto-enrollment in retirement plans. Yet, understanding proper investment remains crucial. Amid conflicting advice, overestimating needs and conservative planning are key to securing a stable retirement.

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By Erin Lowry

 The often-cited goal of having a $1 million retirement nest egg needs to be retired itself. Adjusted for inflation , it would take nearly $1.9 million to have the same purchasing power today as in 1999, when the oldest of millennials were just turning 18. Granted, $1 million still sounds like a lofty sum to many Americans, which could be why so many are nervous that they won't reach the double-comma club by retirement.

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