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Millennial parents beat GenX, boomers on retirement savings

A NerdWallet analysis finds that the higher savings rate of millennial parents could allow them to retire with over $1 million more than boomer parents and over $400,000 more than GenX parents.

By Marlene Y. Satter | Updated on October 16, 2017
38 percent of millennials say they’re socking away more than 15 percent of their income. (Photo: Shutterstock)

Millennials have a poor reputation when it comes to saving for retirement, but a new NerdWallet report finds that it’s undeserved — at least among millennial parents.

The gap can be pretty wide, too, with millennial parents (aged 18–34) contributing a median of 10 percent of their annual income to their retirement savings. Generation X parents (aged 35–54) are only managing a median of 8 percent, while boomer parents (aged 55+) lag behind, only setting aside 5 percent of their median annual income. (Incidentally, all respondents to this survey question were employed, NerdWallet points out, so retired baby boomers did not skew that generation’s contribution rate.)

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