Here’s How Millennials Can Save $1 Million By Age 65

Millennials are feeling awfully pessimistic about their retirement prospects. Some 64 percent of millennials said they won't be able to save $1 million in their lifetime, according to a new survey released Wednesday by Wells Fargo (WFC) . Joe Ready, director of institutional retirement and trust at Wells Fargo said there is a myth that saving $1 million is an impossible task. 'I think it's very doable,' he said. Wells Fargo found that at age 25, with an annual salary of $32,000, one who saves five percent during year one and subsequently raises their savings by two percent each year, capped at 13 percent, $1 million could be attained by age 65, assuming this money is invested in the markets with a seven percent annual return. TheStreet's Scott Gamm reports from Wall Street.

Source :https://www.thestreet.com/video/13662109/here-rsquo-s-how-millennials-can-save-1-million-by-age-65.html