Historically, millennials have been known as an age demographic who will struggle with their finances, but new data has emerged that puts the stereotype to question.
Millennials worried about their retirement preparedness and the overall future of their finances can take solace knowing they are on track to retire in a comfortable financial position.
A Creditnews analysis of Vanguard data revealed of all generational cohorts, older millennials (those between 37-41) are most likely to generate enough income to retire comfortably. Retirement readiness was calculated using Vanguard's sustainable replacement rate, a figure that represents the percentage of pre-retirement income an individual needs to maintain their current lifestyle while in retirement.
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