Millennials’ Readiness for Retirement
The brief’s key findings are:
- A prior CRR study found that, in 2016, Millennials lagged behind Gen Xers and Late Boomers in retirement preparedness.
- New data for 2019 show that Millennials are catching up in the labor market and in getting married and buying houses.
- However, despite also having similar retirement saving, Millennials’ huge student debt burden still leaves them well behind prior cohorts in wealth accumulation.
- This slower wealth buildup is of particular concern as Millennials will need more than prior cohorts due to longer lifespans and less support from Social Security.