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Millennials and Retirement – Saving more and at a much earlier age

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.

Capture d’écran 2014-05-03 à 11.11.43

Chosen excerpts by Job Market Monitor. Read the whole story at Millennials are saving for retirement at a much earlier age – May. 2, 2014.

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