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.)
NerdWallet's analysis finds that, if each generation maintained its surveyed savings rate between ages 26 and 67, 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.
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