43% of Twenty-somethings Are Already Caregivers, but Hidden Costs Could Be Quietly Wrecking Their Retirement
Key takeaways
- Median retirement savings sit at just $43,000 for twentysomethings and $54,000 for thirtysomethings, well below Fidelity s benchmark of 1x salary saved by 30.
- A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality.
- Caregiving used to be framed as a midlife problem.
Median retirement savings sit at just $43,000 for twentysomethings and $54,000 for thirtysomethings, well below Fidelity s benchmark of 1x salary saved by 30.
A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here.
Caregiving used to be framed as a midlife problem. A worker in their fifties would step in to help an aging parent, often after their own kids were grown. The data tells a different story now, and according to the Transamerica Center for Retirement Studies Retirement Throughout the Ages: The American Middle Class report, 43% of twentysomethings and 41% of thirtysomethings are currently caregivers or have been during their working careers. The cost rarely appears in a retirement projection, but it is shaping outcomes for a generation that has not yet reached its peak earning years.