Millennials such as Alexandria Ocasio-Cortez needn’t worry about what’s in their bank accounts. These are the real milestones to aim for
Poor Alexandria Ocasio-Cortez. I mean that literally, by the way, as it appears the 29-year-old US politician is embarrassingly impecunious. Ocasio-Cortez, the youngest woman ever elected to Congress, reportedly has less than $7,000 (£5,500) in savings. Shocking, right? Obviously I am aware that poor people exist, but I had no idea they were allowed to become politicians.
CNBC appears to have been similarly appalled – it recently devoted an article to the sorry state of Ocasio-Cortez’s savings. It is true, it noted, that research shows the median amount millennials have saved is $2,430 (£1,900), but “while Ocasio-Cortez’s situation is normal, it’s not ideal”. According to several financial experts that CNBC consulted, Ocasio-Cortez should have around $27,000 (£21,100) saved for retirement. (A calculation based on the popular benchmark that you should have a year’s worth of salary saved by the age of 30.)
Continue reading...from The Guardian https://ift.tt/2BKnCTk
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