A new study suggests that millennials are more prepared for retirement than baby boomers. According to Vanguard, early millennials, currently aged 37 to 41, are expected to replace 58% of their pre-retirement earnings, compared to late boomers, aged 61 to 65, who will likely replace only 50%.
Several factors, including auto-enrollment, auto-escalation, and target date funds have contributed to millennials’ higher saving rate.
My Take…
Millennials are in general I find more focused in what are they going to do in their later years, but not necessarily in specific retirement planning.
I’m not saying that Vanguard is wrong, but it will be interesting to see how the numbers actually play out over the coming years.
I’m not saying that Vanguard is wrong, but it will be interesting to see how the numbers actually play out over the coming years.
For more details click on the link:
https://www.benefitnews.com/news/millennials-have-better-retirement-readiness-than-boomers-vanguard-study-finds
