--- title: Many Young Adults Are Making Smart Financial Moves description: Delaying retirement, if possible, can be a smart decision since it will help ensure that you receive the maximum Social Security benefit. image: https://info.bcnservices.com/hubfs/Imported_Blog_Media/slavik_9-20-18-img-1-300x201.jpg --- [![BCN Services](https://info.bcnservices.com/hs-fs/hubfs/raw_assets/public/BCN_Services_August2020/images/bcn-logo_blue_low-res_281-300x173.jpg?width=1200&height=200&name=bcn-logo_blue_low-res_281-300x173.jpg "BCN Services")](https://www.bcnservices.com/) - Menu Item 1 - Sub-menu Item 1 - Another Item - Sub-menu Item 2 - Menu Item 2 - Yet Another Item - Menu Item 3 - Menu Item 4 - Menu Item 1 - Sub-menu Item 1 - Another Item - Sub-menu Item 2 - Menu Item 2 - Yet Another Item - Menu Item 3 - Menu Item 4 [Search](https://info.bcnservices.com/?s=) # [BCN Services Blog](https://info.bcnservices.com) You are here: [Home](https://www.bcnservices.com) / [BCN Services Blog](https://info.bcnservices.com) / Many Young Adults Are Making Smart Financial Moves [![Many Young Adults Are Making Smart Financial Moves](https://info.bcnservices.com/hubfs/Imported_Blog_Media/slavik_9-20-18-img-1-300x201.jpg)](https://info.bcnservices.com/hubfs/Imported_Blog_Media/slavik_9-20-18-img-1-300x201.jpg) ## [Many Young Adults Are Making Smart Financial Moves](https://info.bcnservices.com/many-young-adults-are-making-smart-financial-moves) September 27, 2018 Millennials are optimistic about retirement, according to a recent [report](https://cdn2.hubspot.net/hubfs/392606/15e3521e45215e4.pdf?t=1537996633273)from Charles Schwab. Specifically, 76 percent of surveyed young adults said that they believe they will have a better financial future than their parents, and the average Gen-Y respondent expects to retire at age 60. The latter is a somewhat ambitious goal considering that it would mean exiting the workforce five years earlier than the traditional age of retirement, even as many financial experts are now recommending [waiting](http://time.com/money/4989314/suze-orman-new-retirement-rule/)until age 70. Delaying retirement, if possible, can be a smart decision since it will help ensure that you receive the maximum [Social Security](http://blog.slavic401k.com/should-you-wait-to-claim-social-security) benefit and also provide a few more working years (income) to pad your nest egg. While postponing retirement could therefore put many Millennials on a firmer financial standing in old age, one reason why some of the respondents in the Schwab poll might still be able to achieve a comfortable retirement as early as age 60 is because these young adults are already making wise financial moves. For example, 64 percent of surveyed Millennials said that they will often hold off on a discretionary purchase and instead set the money aside for retirement. ![slavik_9-20-18 img 2.jpg](https://info.bcnservices.com/hs-fs/hubfs/Imported_Blog_Media/slavik_9-20-18-img-2_jpg-300x136.png?width=300&height=136&name=slavik_9-20-18-img-2_jpg-300x136.png) Nearly half of Gen-Y respondents also said that they do additional work to boost their savings, and around one in three reported that they limit their vacations and traveling in order to set more money aside. Similarly, a new Bankrate [poll](https://www.bankrate.com/retirement/financial-security-august-2018/)found that Millennials were a lot more likely than other generations to say that they are saving more for retirement today than they were a year ago, and a recent Principal Financial [study](https://www.principal.com/about-us/news-room/news-releases/these-gen-x-and-gen-y-‘super-savers’-are-maxing-out-their-retirement-accounts) even found that some young adults are regularly setting aside at least 90 percent of the [maximum](https://nb.fidelity.com/public/nb/default/resourceslibrary/articles/irslimits)the IRS will allow to be placed in a 401(k), IRA, and other tax-advantaged savings vehicle each year. Since only around 9 percent of 401(k) plan participants are [estimated](https://cdn2.hubspot.net/hubfs/392606/414y4y2.pdf?t=1537996633273)to have annual contributions that come within 10 percent of the deferral limit, these “super savers” are likely to be well ahead of the vast majority of Americans in terms of retirement readiness. Jerry Patterson, a senior vice president at Principal Financial, added that “There is no better advice I can give anyone than save more, earlier. These super savers are making sacrifices today that should help set them up to have the freedom to do the things they want in the future.”   ![slavik logo](https://info.bcnservices.com/hs-fs/hubfs/Imported_Blog_Media/slavik-logo-4.png?width=215&height=35&name=slavik-logo-4.png) *Copyright @ 2018 Slavic Investments (http://blog.slavic401k.com/many-young-adults-are-making-smart-financial-moves)*. *Republished with permission.* *[![download 10 Things Today's Business Leader Should Know About HR eBook CTA](https://no-cache.hubspot.com/cta/default/8089973/4a64a696-1161-4e45-af2b-fec600966e26.png)](https://cta-redirect.hubspot.com/cta/redirect/8089973/4a64a696-1161-4e45-af2b-fec600966e26)* ##### Share this entry - Share on Facebook Share on Facebook - Share on Twitter Share on Twitter - Share on WhatsApp Share on WhatsApp - Share on Pinterest Share on Pinterest - Share on Linkedin Share on Linkedin - Share on Tumblr Share on Tumblr - Share on Vk Share on Vk - Share on Reddit Share on Reddit - [Share by Mail](mailto:?subject=Many%20Young%20Adults%20Are%20Making%20Smart%20Financial%20Moves&body=https://info.bcnservices.com/many-young-adults-are-making-smart-financial-moves) Share by Mail ### Recent Posts - [![Navigating the Pregnant Workers Fairness Act](https://info.bcnservices.com/hs-fs/hubfs/PWFA%20Blog%20Image.png?quality=high&width=725&name=PWFA%20Blog%20Image.png) **Navigating the Pregnant Workers Fairness Act May 24, 2023 - 08:45**](https://info.bcnservices.com/pregnant-workers-fairness-act) - [![Minimum Wage Changes — What's Happening and What's Coming](https://info.bcnservices.com/hs-fs/hubfs/Minimum%20Wage%20Increase.png?quality=high&width=725&name=Minimum%20Wage%20Increase.png) **Minimum Wage Changes — What's Happening and What's Coming May 22, 2023 - 09:00**](https://info.bcnservices.com/minimum-wage-changes-whats-happening-and-whats-coming) - [![Inherited IRA Rules Altered by the SECURE Act](https://info.bcnservices.com/hs-fs/hubfs/IRA-%20Blog%20Image.png?width=725&name=IRA-%20Blog%20Image.png) **Inherited IRA Rules Altered by the SECURE Act May 12, 2023 - 08:30**](https://info.bcnservices.com/inherited-ira-rules-altered-by-the-secure-act) - [![Making a List of Company Values for Employees](https://info.bcnservices.com/hs-fs/hubfs/BLOG%20POST%20IMAGES%20BCN%20(24).png?quality=high&width=725&name=BLOG%20POST%20IMAGES%20BCN%20(24).png) **Making a List of Company Values for Employees April 19, 2023 - 08:42**](https://info.bcnservices.com/making-a-list-of-company-values-for-employees) - [![Top Employee Benefits Trends](https://info.bcnservices.com/hs-fs/hubfs/BLOG%20POST%20IMAGES%20BCN%20(21).png?quality=high&width=725&name=BLOG%20POST%20IMAGES%20BCN%20(21).png) **Top Employee Benefits Trends April 4, 2023 - 10:09**](https://info.bcnservices.com/top-employee-benefits-trends) ### Categories - [Employment Law & Compliance](https://info.bcnservices.com/tag/employment-law-compliance) - [Managing People](https://info.bcnservices.com/tag/managing-people) - [HR Policies](https://info.bcnservices.com/tag/hr-policies) - [Risk, Safety & Security](https://info.bcnservices.com/tag/risk-safety-security) - [Employment Trends](https://info.bcnservices.com/tag/employment-trends) - [Employee Benefits](https://info.bcnservices.com/tag/employee-benefits) - [Recruiting & Retention](https://info.bcnservices.com/tag/recruiting-retention) - [Compensation & Payroll](https://info.bcnservices.com/tag/compensation-payroll) ### Subscribe Here! 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