Is $6,933 the new goal for 22- to 37-year-olds?
A recent opinion column in the New York Times argued that the millennial generation, contrary to popular reports, “gets a gold star for retirement preparedness.” This argument was based on comparing 401 holdings at ages 22-37 of $6,933 for millennials to $3,970 for members of Generation X.
I would be delighted if millennials were doing well in terms of saving, but I don’t think they are. All workers face a world in which Social Security will provide less relative to preretirement earnings, 401 balances are generally meager, and — at any given time — half the private sector workforce does not have an employer-sponsored retirement plan.
This picture may change with the release of the 2019 Survey of Consumer Finances in September, but at this point no one has any basis for making such a prediction. Finally, have we really lowered the retirement-saving bar so much that we are giving out “gold stars” for balances of $6,933? More from MarketWatch Retirement Alicia H. Munnell Alicia H. Munnell is the director of the Center for Retirement Research at Boston College.Comment #div-gpt-ad-1569967089584-0 > div > iframe { width: 100% !important; min-width: 300px; max-width: 800px; } Related Topics
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