Bratty Millennials Beat Boomers at 401k Benchmarks

401k, millennials, saving

Yeah, we're totally jealous.

Spoiled, entitled? More like smart.

Over half of millennials are making contributions to 401k accounts and about four in ten are contributing to personal savings.

They’re saving at higher rates than the 46 percent of baby boomers and 36 percent of GenXers with no retirement savings, according to a new survey from the Insured Retirement Institute.

With a quarter century until the first of them turn 65, millennials very much view themselves as “on their own” with regard to retirement income, and are saving for what they see as the biggest benefit of being retired: freedom.

Millennial understanding and expectations for retirement are influenced by their lack of confidence in Social Security retirement benefits and the demise of the traditional defined benefit pension. Only a quarter of millennials are confident they will realize meaningful income generated from these sources.

“While millennials are saving, most are not planning, with only 34 percent of them having sought the advice of a financial advisor,” IRI President and CEO Cathy Weatherford said in a statement.

She added that the top three financial areas millennials want help with are calculating retirement savings goals, paying off debt, and creating a retirement plan, and advisors therefore “have an opportunity to help millennials increase their wealth and prepare for retirement.”

Key findings from the report:

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