‘Crunched on both sides’: Older millennials balance student loans, retirement saving and kids'...

I have no debt, and I didn't go to college. I have an IRA I plan to transfer over to and annuity at 40 on a 20 year plan then collect at 60. I am also enrolled in FERS. I would like to buy a home eventually within the next two years at 29. I haven't due to the uncertainty of my federal career. I don't want to get stuck in limited career growth within one location. I'm not planning on getting social security. I expect it to dry up by 2060 due to a population decrease. My generation nor those under us are having families or some aren't planning to. As the baby boomers retire and less youth enter the work force, I expect the us will heavily rely on migration not only to keep social security intact but to keep the country humming. Also live within your means people, its not hard.

LTC Eugene Chu
"Now, as older millennials start families of their own, they are suffering through the aftermath. Not only are many still paying off their student debt, but they are also planning for their retirement as well as their children’s education.

It’s forcing them to make difficult decisions about their financial priorities: Due to student loan payments, for instance, 23% of older millennials have limited their retirement contributions, according to a recent survey of 1,000 U.S. adults ages 33 to 40. The survey, conducted by The Harris Poll on behalf of CNBC Make It, also found that 27% delayed buying a home and 24% cut back on building an emergency savings.

While it’s not unusual at this stage of life to weigh your family’s financial priorities, older millennials are being “crunched from both sides,” says Cliff Robb, an associate professor at the University of Wisconsin, Madison, who studies financial decision-making.

Millennials have “got to plan for their own retirement, which is less and less secure with less and less safety nets for them. They’ve got to provide for their children’s education, which is increasingly expensive, while they’re still paying off their own education, usually,” says Robb. “And they’re having to pay for higher costs of raising those children in a marketplace that isn’t rewarding them at the same level as it was in the past.”