Keeping Up With Millennial Retirement Trends: Tips for Staying Ahead

By Brett Gottlieb

Unlike older generations, conventional retirement saving methods may not work for millennials since they are faced with challenges like underemployment and staggering levels of student debt. But despite these obstacles, millennials have a chance to redefine the journey to a stable retirement. The Comprehensive Advisor team provides retirement planning tailored to your needs and goals. In this article, I outline key millennial retirement trends to show how experience and professional guidance can support you through financial challenges and keep you on track for the future.


First, a quick definition: millennials are the generation born in the years 1981 to 1996.

Because of their student loan debt and the shifting nature of the workforce, millennials often find it hard to prepare for retirement the traditional way, requiring them to get creative and strategic with their financial planning.

Let’s take an in-depth look at the obstacles millennials face as they struggle to save for their golden years:

  • Student Loan Debt: Debt from student loans significantly hinders millennials’ ability to save for retirement. Due to the burden of large monthly loan repayments, millennials frequently have to put off retirement savings in favor of paying off debt in order to survive. Their long-term retirement fund may be significantly impacted by this missed opportunity to accumulate compound interest.
  • Gig Economy: The emergence of the gig economy poses a complex challenge for millennials who are planning for retirement. It provides freedom and flexibility, but it frequently lacks the standard retirement advantages offered by employers, such as employer-matched 401(k) plans. Because of this, it’s more difficult for millennials to save regularly for retirement and to take advantage of workplace contributions, which can greatly increase their nest egg.
  • Delayed Career Progression: Millennials’ retirement savings plans are thrown off when their careers grow slowly. There may be fewer peak earning years to contribute to retirement if they enter the workforce late or climb up the corporate ladder slowly.
  • Rising Living Costs: Millennials’ retirement goals are severely impacted by the rising cost of living. They have less spare income to put toward retirement savings due to rising housing, healthcare, and basic need expenditures. They’re forced to put their immediate living expenses ahead of their financial future in order to make ends meet. 


Despite the retirement savings challenges they face, millennials have unique opportunities to overcome those challenges. Specifically, their advanced comfort-level with technology combined with increased financial awareness, multiple income stream potential, and work-life longevity are key:

  • Technologically savvy: Not only does this tech savvy make daily life more productive for millennials, it also enables increased income options and financial guidance. Millennials can use a variety of services, including investing platforms and budgeting tools, from a computer, tablet, or smartphone—often for free or at very little cost.
  • Financially aware: In contrast to previous generations who might have approached money more passively, millennials are actively pursuing information and placing a large value on financial planning. Their ability to make informed decisions, budget wisely, investigate investment options, and steer clear of frequent financial hazards is made possible by their financial literacy.
  • Side hustles: As mentioned previously, the gig economy lacks employer-sponsored retirement benefits. Despite that hurdle, the gig economy enables multiple income streams that can be strategically channeled into retirement savings.
  • Long-term gains: When it comes to retirement savings, millennials have one major advantage: time. Millennials have a longer investing horizon than earlier generations, who may have had fewer years of employment before retiring. This translates to the power of compound interest. Even small amounts can increase dramatically over decades if contributions to retirement accounts are made consistently and at an early age. With this long-term strategy, millennials can withstand market swings and potentially benefit from periods of prolonged growth.

Get Experienced Advice

A great way for millennials to tackle retirement planning hurdles and turn opportunities into concrete plans is by seeking advice from a professional financial advisor.

Finding an advisor who offers a custom approach geared toward your generation is the cherry on top. At Comprehensive Advisor, we don’t just see you as a name and number. Our team takes the time to understand your financial needs and objectives, and collaborates with you to create a road map that fits your desired destination.

Start your journey today by reaching out to us at or call (760) 813-2125.

About Our Advisors

Brett Gottlieb is the founder of Comprehensive Advisor and a financial advisor with nearly two decades of industry experience. He graduated from California State University-Chico with two bachelor’s degrees, in business administration and economics, and is Life Insurance licensed in several states. He is passionate about guiding his clients on retirement income planning, helping each client pursue their specific retirement goals, and defending the assets his clients have worked so hard to achieve. Brett is a California native and currently resides in San Elijo Hills with his beautiful wife and three children.

Our team of qualified professionals have experience in the financial service industry, and our advisors hail from some of the largest independent broker/dealers and banking institutions in the country. They have dedicated their professional careers to creating personalized financial strategies for individuals and families who seek successful retirement planning and currently offer investment advisory services through AE Wealth Management, LLC. Our advisors take a common-sense approach to the planning process and work with clients to create a comprehensive retirement roadmap to help ensure their assets are preserved and they receive the income needed to enjoy their future. Based in Carlsbad, California, they work with clients throughout San Diego County and beyond. Learn more by connecting with Brett on LinkedIn or email them at

Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. Insurance products are offered through the insurance business C.A. Financial & Insurance Services.Comprehensive Advisor, LLC is an Investment Advisory practice that offers products and services through AE Wealth Management LLC (AEWM), a Registered Investment Advisor. AEWM does not offer insurance products. The insurance products offered by C.A. Financial & Insurance Services are not subject to investment Advisor requirements. CA Ins. Lic. #6000262. This material is intended to provide general information and is believed to be reliable, but accuracy and completeness cannot be guaranteed. Investing involves risk, including the potential loss of principal. Any references to protection benefits, safety, security, lifetime income, etc., generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. 2386677 – 5/24


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