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Millennials Outperforming Older Generations in Retirement Readiness

News release: “Even though Millennials have had less time to build their retirement wealth, they are already catching up to many of those who are closest to retirement, according to a new survey by Ramsey Solutions, a leading company in financial education. Results show that 58 percent of Millennials are actively saving for retirement and 38 percent already know how much money they’ll need for retirement. This report is the first in a four-part series evaluating the state of retirement in America asrevealed by a surv ey consisting of more than 1,000 U.S. adults. This installment focuses on Millennials and how they compare to other generations. Although nearly 60 percent have less than $10,000 saved for retirement, this is roughly the same amount as baby boomers, despite baby boomers having had more time to save. And of the 58 percent who are actively saving for retirement, they began saving at an average age of 23…”

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