Millennials are not only saving for retirement at an earlier age than their parent’s generation, but they are also saving more aggressively.
This generation (born after 1978) started saving at a median age of 22, more than a decade earlier than their Baby Boomer parents and five years before Gen Xers, a survey from the nonprofit Transamerica Center for Retirement Studies found.
Among Millennials who are being offered a 401(k) plan, 71% are participating in their employer’s plan — socking away a median 8% of their annual salary, the survey of more than 4,000 workers found.
Chosen excerpts by Job Market Monitor. Read the whole story at Millennials are saving for retirement at a much earlier age – May. 2, 2014.
- US / Roughly 40 percent of Millennials have tattoos
- Millennials in US / The plight of unemployed young people
- Millennials in US – Detached from institutions, networked with friends Pew finds
- Ending the 9 to 5 and choosing workplace flexibility over pay
- Retirement in US – Boomers working to stay employed
- US – Average retirement age up at 62 finds Gallup