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Millennial Parents Beat Gen X, Boomers on Retirement Savings

A higher savings rate of millennial parents could allow them to retire with more than $1M more than boomer parents.

By Marlene Y. Satter | Updated on October 17, 2017

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% of their annual income to their retirement savings. Generation X parents (aged 35–54) are only managing a median of 8%, while boomer parents (aged 55+) lag behind, only setting aside 5% 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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