Would you guess that Millennials are effectively saving for retirement? Well, they are.
Please refer to our transcription below if it is easier and/or more convenient for you:
On the long hike to retirement, taking the first step is important.
Three separate generations: baby boomers, born between 1946 and 1964, Gen-X’ers, born between 1965 and 1980, and millennials, born between 1981 and 2000, tend to navigate that winding trail differently.
Let’s take a look:
Baby boomers started saving for retirement at 35.
Millennials, possibly as a reaction to the 2007 economic crisis and concerns about social security have started saving a full 13 years earlier, when they are just 22 years old.
Gen-X, splits the difference and started saving at 27.
Even though they are the farthest away from retirement, millennials are saving an average of 8% of their pay compared to Gen-X’s 7%. Baby boomers consistently save about 10% of their paychecks. The millennial generation appears to have started off on the right foot on the road to retirement.
The lesson for my children is clear, save early, save more.
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