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What millennials are doing right (and wrong) about retirement

A study finds many millennials rocking their 401(k)s, but 70 percent still dont have at least 10 percent deducted from their paychecks.

By Suzanne Woolley | Updated on June 30, 2016

Millennials may be overly confident about their investing skills, but many are handling their 401(k)s with savvy, a new study (pdf) by Wells Fargo Institutional Retirement & Trust suggests.

Related: Millennials want financial hand-holding More than a quarter of younger workers — 28 percent — have at least 10 percent deducted from their paychecks, according to the study. It analyzed the behavior of 4 million employees in the plans the company administers, from 2011 to 2016. Among the older generations, 35 percent of Gen X-ers and 44 percent of boomers were at the 10 percent contribution mark. Boomers get their own shout-out. If you assume they are the ones earning $100,000 or more, which they likely are, they are the “most improved” group over the study’s five years among those who contribute at least 10 percent. There was a 15.3 percent increase among those making $100,000 or more hitting the 10 percent rate.

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