Millennial Parents Better Prepared for Retirement, Survey Finds
Millennials may be known as a generation that lacks in retirement savings, but Millennial parents are in better retirement shape than Gen X and Baby Boomer parents according to a NerdWallet survey.
The survey found millennial parents are contributing a median of 10 percent of their annual income to their retirement savings, while Gen X parents are contributing eight percent, Baby Boomer parents are contributing five percent. According to the findings, if each generation continues to save at the same rate, Millennial parents could retire with over $1 million more than Baby Boomer parents and over $400,000 more than Generation X parents.
The survey also found Millennial parents and Generation X parents are less likely than Boomer parents to skip saving for retirement, with seven percent of Millennial parents and eight percent of Generation X parents reporting they weren’t saving at all, as compared with 18 percent of Baby Boomer parents.