Will Millennials Be Ready for Retirement?
The brief’s key findings are:
- Millennials – despite high education levels – are behind previous cohorts on many indicators that help boost retirement preparedness.
- Having entered the labor market in tough times, Millennials have lower wages and fewer fringe benefits than Gen-Xers and late Baby Boomers did as young adults.
- This difficult start, combined with high levels of student debt, has delayed them from getting married and buying a home.
- Not surprisingly, then, Millennials have less wealth than previous cohorts, even though they will need more due to longer lifespans and reduced Social Security.
- The one piece of good news is that retirement is still a long way off, so they have time to get back on track.