Retirement Behavior from Boomers to Millennials
By Sandy K. Johnson
Stunning statistic: There are more than 8,000 combinations of Social Security available to a married couple.
The bottom line: Hold off as long as you can to maximize your Social Security benefit, according to Jamie Kalamarides, CEO and president of Prudential Bank & Trust.
Kalamarides told journalists at the National Press Foundation that short-term gratification affects long-term financial decisions for everyone.
“We’d rather have $100 today than $110 two days from now. Your brain actually thinks of your future self as a stranger,” he said. “They take Social Security at age 62 as opposed to delaying it and having a higher paycheck in retirement.”
Millennials are smartly taking advantage of workplace retirement plans, despite college debt and economic forces that have delayed marriage, home buying and having children for this age group. “You’d assume they’re not saving enough. But in fact … automatic enrollment and automatic escalation are paying off. Millennials are saving in the workplace,” he said.