Millennials have Solved the Retirement Crisis

According to a new Investopedia poll of 4,000 individuals, Millennials hold more cryptocurrency than equities. (Crypto is owned by 38 percent of people, narrowly ahead of equities, which are owned by 37 percent.) In addition, 28% of Millennials said they want to use their bitcoins to supplement their retirement income.

In the study, more Millennials indicated they planned to rely on cryptocurrencies in retirement than said they planned to rely on “savings.” The percentage of people who planned to invest in cryptocurrencies was almost the same as the number who planned to invest in equities.

Generation Z  individuals between the ages of 18 and 25  is lagging when it comes to cryptocurrency. Cryptocurrency is more prevalent among Gen Xers than Gen Z. Approximately 28% of Generation X owns cryptocurrency, with 20% wanting to rely on it for retirement – a significant figure given that Gen Xers are already between the ages of 42 and 57.Americans may be in for a huge retirement makeover with the Securing a Strong Retirement Act of 2022, often known as the Secure 2.0 bill.

The idea, which received strong bipartisan support in the House on March 29, comes as almost half of older employees have no retirement savings. The law can address some of the issues Americans face when it comes to retirement, such as a lack of retirement preparation. And employees are concerned about their financial ability to manage retirement, with a new Allianz Life poll revealing that more than 6 in 10 non-retirees are more concerned about running out of money than dying.