{"id":69701,"date":"2023-10-06T21:59:28","date_gmt":"2023-10-07T01:59:28","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/millennials-are-better-than-boomers-at-saving-for-retirement-what-gives\/"},"modified":"2023-10-06T21:59:31","modified_gmt":"2023-10-07T01:59:31","slug":"millennials-are-better-than-boomers-at-saving-for-retirement-what-gives","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69701","title":{"rendered":"Millennials Are Better Than Boomers at Saving for Retirement. What Gives."},"content":{"rendered":"
\n

Here\u2019s a myth-busting surprise. Millennials, while beset by student debt and the decline of traditional pensions, are more on track for retirement savings than baby boomers, a new study by Vanguard says. <\/p>\n

The rosier outlook for millennials is due to changes in retirement plan design. As millennials entered the workforce, many were automatically enrolled in retirement plans, often in target-date funds, and sometimes in plans that automatically hiked employee contributions over time. Those factors have put many millennials\u2014and some Gen Xers\u2014on the right track for retirement.<\/p>\n

\n

Vanguard projected retirement readiness for three generations: early millennials (ages 37-41); mid-Generation X (49-53); and late baby boomers (61-65). Younger Americans fared better than their elders in Vanguard\u2019s analysis. Millennials at the 50th income percentile (some $42,000) will be able to generate sustainable retirement income equal to 58% of their preretirement earnings. That, of course, still leaves a gap, but it\u2019s eight percentage points better than the estimate for median-income late boomers (50%), according to Vanguard.<\/p>\n

Unsurprisingly, high-income workers across all generations are better prepared to meet spending needs in retirement than their lower-income counterparts. Workers at the 25th income percentile face a projected retirement savings gap of 32%, whereas high-income families have a savings surplus of 20%, according to Vanguard. <\/p>\n

Write to <\/strong>Andrew Welsch at andrew.welsch@barrons.com<\/p>\n

Last Week<\/h4>\n

Markets<\/h2>\n

After an 11th-hour deal, a government shutdown was delayed for 45 days. One loser in the deal: aid to Ukraine. Another: Speaker Kevin McCarthy, who was ousted, rendering the House leaderless. Meanwhile, long-term Treasuries sold off again, hammering stocks, but oil fell back and September jobs data came in hotter than expected, at 336,000. Friday saw a rally. For the week, the
\n Dow Jones Industrial Average
\n slipped 0.3%, the
\n S&P 500
\n picked up 0.48%, and the
\n Nasdaq Composite
\n gained 1.6%.<\/p>\n

Companies<\/h2>\n

Former President Trump and family\u2019s civil trial for fraudulent valuations and Sam Bankman-Fried\u2019s criminal trial over his role in the FTX collapse began. The White House forgave 250,000 cases of student-loan debt for $9 billion. China\u2019s BYD is running neck-and-neck with
\n Tesla
\n as the world\u2019s No. 1 electric-vehicle producer. The UAW and Ford narrowed their differences. Kaiser Permanente workers launched the largest U.S. healthcare strike ever, albeit for three days.<\/p>\n

Deals<\/h2>\n

The Wall Street Journal reported that
\n Exxon Mobil
\n was nearing a $60 billion deal for
\n Pioneer Natural Resources,<\/span>
\n giving it a dominant position in the Permian Basin…Sandal maker Birkenstock priced its initial public offering at $44 to $49 a share, for as much as a $10.8 billion valuation\u2026Intel said it would spin off a unit servicing defense and telecom and is preparing an IPO of its programmable-chips
\n division…Eli Lilly
\n agreed to pay $1.4 billion for
\n Point Biopharma Global,<\/span>
\n a nearly 100% premium. <\/p>\n

Write to <\/strong>Robert Teitelman at bob.teitelman@dowjones.com<\/p>\n

Next Week<\/h4>\n

Wednesday 10\/11<\/h2>\n

The Federal Open Market<\/strong> Committee releases the minutes from its mid-September monetary-policy meeting.<\/p>\n

The Bureau of Labor<\/strong> Statistics releases the producer price index for September. Consensus estimate is for the PPI to increase 1.6% year over year, equal to the August figure. The core PPI, which excludes volatile food and energy prices, is expected to rise 2.3%, one-tenth of a percentage point more than previously.<\/p>\n

Thursday 10\/12<\/h2>\n

The BLS releases<\/strong> the consumer price index for September. Economists forecast that the CPI will increase 3.6% from a year earlier, while the core CPI is seen rising 4.1%. This compares with gains of 3.7% and 4.3%, respectively, in August. <\/p>\n

Friday 10\/13<\/h2>\n

Third-quarter earnings<\/strong> season unofficially kicks off with the money center banks announcing results.
\n Citigroup,<\/span><\/p>\n

JPMorgan Chase,<\/span>
\n and
\n Wells Fargo
\n all report before the opening bell.<\/p>\n

The University of Michigan<\/strong> releases its Consumer Sentiment Survey for October. Consumers\u2019 expectations for the year-ahead inflation was 3.2% in September, the lowest level since March of 2021.<\/p>\n

Email: <\/strong>editors@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a myth-busting surprise. Millennials, while beset by student debt and the decline of traditional pensions, are more on track for retirement savings than baby boomers, a new study by Vanguard says. The rosier outlook for millennials is due to changes in retirement plan design. As millennials entered the workforce, many were automatically enrolled in […]<\/p>\n","protected":false},"author":1,"featured_media":69702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-69701","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nMillennials Are Better Than Boomers at Saving for Retirement. What Gives. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Here\u2019s a myth-busting surprise. 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