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F1b Millennials’ Retirement Account Asset Allocation
Key Words
Defined Contribution plan, IRA, Millennial, Retirement, Saving, Asset Allocation
Short Description
A small portion of Millennials are saving for their retirement either via IRAs or DC plans. For those who have retirement plans, most choose to allocate their assets entirely in stocks (42.4%) or allocate among stocks, bonds and other assets (49.9%). It is critical for Millennials to begin saving and choose the proper investment vehicle early in their careers to allow the increase in their money’s value over time to work in their favor. In the long-run, stocks provide higher returns than bonds. The responsibility of saving for their own retirement could be an opportunity it could hurt one’s ability to maintain a desired level of consumption during retirement, depending on how well the Millennials manage their retirement assets. Because of their age, most members of the Millennials should be long-term investors. Future research should focus on finding reasons that some of them are not invested in stocks.
First & Corresponding Author
Rui Yao, University of Missouri
Authors in the order to be printed
Rui Yao, Guopeng Cheng