Here’s How Behind Gen Z and Millennials Are in Saving For Retirement (2024)

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e=r.searchBoxForm.querySelector("[name=fr]"),n=r.searchBoxForm.querySelector("[name=fr2]");e&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr&&(e.value=i.searchBox.params.fr,e.disabled=!1),n&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr2&&(n.value=i.searchBox.params.fr2,n.disabled=!1),r.searchBoxForm.submit()}}),1e3)},r.recognition.onspeechstart=function(){},r.recognition.onspeechend=function(){r.recognition.stop()},r.recognition.onerror=function(){r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_error")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play()},r.recognition.onaudiostart=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.add("listening")},r.recognition.onaudioend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("listening")},r.recognition.onsoundstart=function(){r.hideTrending(r),r.noSpeech=!1,r.speechButtonContainer&&(r.speechButtonContainer.classList.remove("listening"),r.speechButtonContainer.classList.add("speaking"))},r.recognition.onsoundend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("speaking")},r.recognition.onstart=function(){r.recognitionInit(r),r.startRecognition(r)},r.recognition.onend=function(){r.isRecognitionStart=!1,0==r.noSpeech&&""==r.speechResult&&(r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_nomatch")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play())},document&&document.dispatchEvent&&document.dispatchEvent(new Event("VOICE_JS_READY"))}}o.I18n=m,o.prototype.renderPermissionGuide=function(e){var n='\n

    \n

    \n

    \n

    \n

    \n

    \n

    \n

    '.concat(e.i18n.t("search.voice.permission_title"),'

    \n

    ').concat(e.i18n.t("search.voice.permission_text"),"

    \n

    \n

    \n

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    \n

    \n

    \n

    \n

    \n

    \n \n \n \n \n \n \n

    \n

    \n

    \n \n \n '.concat(e.i18n.t("search.voice.recognition_retry"),'\n

    \n

    \n

    \n

    \n

    \n

    \n ').concat(e.i18n.t("search.voice.trending_title"),'\n \n

    \n

    \n

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e)&&("SpeechGrammarList"in e||"webkitSpeechGrammarList"in e)}}],d=0;d0){var n=e.speechResult.charAt(e.speechResult.length-1);"."!==n&&"?"!==n&&"。"!==n&&"?"!==n||(e.speechResult=e.speechResult.slice(0,-1))}},o.prototype.sendBeacon=function(n,t){var o=e.YAHOO.ULT||{},i=e.YAHOO.SB||{};if(o.beacon_click){var r={_S:i.config.i13n.spaceid,_I:i.config.i13n.pvid,actn:n,sec:"search",slk:t};e.YAHOO.ULT.beacon_click(r)}},o.prototype.ajaxReq=function(t,o){var i,r,a=XMLHttpRequest.DONE||4,s=new XMLHttpRequest;if(n.documentMode&&n.documentMode<10)return(new e.XDomainRequest).onload=function(){try{r=JSON.parse(i),o(r)}catch(e){return}},s.open("GET",t),void s.send();s.onreadystatechange=function(){if(s.readyState===a)if(200===s.status){i=s.responseText;try{r=JSON.parse(i),o(r)}catch(e){return}}else o(r)},s.open("GET",t,!0),s.timeout=1e4,s.send()},e.YAHOO||(e.YAHOO={}),e.YAHOO.Util||(e.YAHOO.Util={}),e.YAHOO.Util.VoiceSearch=o}(window,document)}();var Wn={containerClass:Un.tooltip,textClass:Un.tooltip__text,showClass:Un["tooltip--show"]},Jn=["zh-hant-tw","zh-hant-hk"];ye("ybar-mod-searchbox",(function(e){var n={ybar:document.getElementById("ybar"),searchInput:document.getElementById("ybar-sbq"),buttonBar:document.querySelector(".".concat(Un["sa-btn-bar"])),voiceSearchBtn:document.getElementById("ybar-sbq-voice"),searchForm:document.getElementById("ybar-sf"),searchBoxIcon:document.querySelector(".".concat(Un["searchbox-icon-uh3"])),searchBoxPlaceholder:document.getElementById("ybar-smartphone-searchbox-placeholder"),searchBoxBackButton:document.getElementById("ybar-search-back-btn"),shopsButtonsWrap:document.querySelector(".".concat(Un["shops-buttons"])),categorySelect:document.getElementById("shops-category-select"),selectedMerchantInput:document.getElementById("selected-merchant-input"),selectedMerchantClearButton:document.querySelector(".".concat(Un["selected-merchant-clear-button"])),submitSearchBtn:document.getElementById("ybar-search"),clearSearchBtn:document.getElementById("ybar-sbq-x")};!function(e,n){var t,o,i,r=e.getConfig();if(n.ybar&&"desktop"===r.device&&(null===(t=r.bucketConfig)||void 0===t?void 0:t.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){n.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=n.searchForm)||void 0===i||i.classList.add(Un[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Un.overlay,Un[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(n.searchForm,"focusout",(function(e){if(n.searchForm&&n.searchInput){var t=e.relatedTarget;t&&!n.searchForm.contains(t)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,n),zn(e,n),n.voiceSearchBtn&&function(e,n){var t=e.getConfig(),o=t.locale,i=function(){var e,t;(null===(t=null===(e=window.YAHOO)||void 0===e?void 0:e.Util)||void 0===t?void 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    Here’s How Behind Gen Z and Millennials Are in Saving For Retirement (2024)

    FAQs

    Here’s How Behind Gen Z and Millennials Are in Saving For Retirement? ›

    According to the National Institute of Retirement Security, 66% of working millennials have nothing saved for retirement. Instead, they're busy paying down debt and covering their general living expenses, while saving for retirement is pushed to the bottom of their priority list.

    Are millennials saving enough for retirement? ›

    One recent report, from Northwestern Mutual, found that millennials believe they will need $1.65 million to retire comfortably. To date, however, millennials have amassed only $62,600 in average retirement savings. That leaves a retirement “gap” of more than $1.5 million.

    What percentage of Gen Z is saving for retirement? ›

    The study found that only 36 percent of Gen Z workers, which include those aged 18 to 26, invested in a retirement plan. That was compared to 71 percent of millennials, 74 percent of Gen X and 59 percent of baby boomers. Begin your day with a curated outlook of top news around the world and why it matters.

    How do different generations save for retirement? ›

    Millennials took the lead with $9,299 saved, on average, in 2023. Generation Z followed closely behind with more than $6,000 saved, and Generation X came in third with $5,132 saved for the year. Baby boomers came in last with just over $4,000 saved.

    What financial challenges are affecting millennials ability to save for retirement? ›

    There are more challenges ahead that compete with young savers' ability to pay for retirement, such as cost of education, child care, homebuying and inflation, which all have an impact on how they will be able to save.

    Are Gen Z going to be able to retire? ›

    Gen Z's outlook on retirement

    Some 58 percent of Gen Z workers who know how much they'd need to retire comfortably believe that they will be able to reach it. However, this optimism seems at odds with the fact that 29 percent of Gen Z didn't contribute to their retirement in 2022 or 2023, the poll found.

    Why is it so hard for millennials to save money? ›

    Millennials and Gen Zers are pulling in bigger paychecks, but much of their spending power is fueling short-term purchases like groceries and vacations, not savings. Young adults' wealth is growing, but they're still living and spending in the here and now. Many feel they don't have a choice.

    What is the golden rule of retirement savings? ›

    The golden rule of saving 15% of your pre-tax income for retirement serves as a starting point, but individual circ*mstances and factors must also be considered.

    What is the 4 rule for retirement savings? ›

    The 4% rule for retirement budgeting suggests that a retiree withdraw 4% of the balance in their retirement account(s) in the first year after retiring, and then withdraw the same dollar amount, adjusted for inflation, every year thereafter.

    What is the best age to save for retirement? ›

    Ideally, you'd start saving in your 20s, when you first leave school and begin earning paychecks. That's because the sooner you begin saving, the more time your money has to grow. Each year's gains can generate their own gains the next year - a powerful wealth-building phenomenon known as compounding.

    Which generation is the most financially stable? ›

    Baby boomers have the most wealth among four recorded generations, but less wealth isn't necessarily an indication of financial problems. June 18, 2024, at 12:45 p.m. For current and future generations, it's crucial to start investing early and allocate as much as can be afforded.

    What is the biggest financial mistakes that retirees make? ›

    Act now to avoid common money missteps that could haunt you later in retirement
    • Not saving enough. ...
    • Avoiding the stock market. ...
    • Claiming Social Security benefits too early. ...
    • Spoiling the kids and grandkids. ...
    • Getting bad advice. ...
    • Ignoring long-term care.
    May 13, 2024

    What is the biggest financial risk in retirement? ›

    Top 5 financial risks that retirees face
    1. Running out of money. Running out of money is a significant risk for many retirees. ...
    2. Health care costs. Increased medical bills are inevitable for most of us as we age, and that could spell trouble without proper planning. ...
    3. Market volatility. ...
    4. Inflation. ...
    5. Death of a spouse.

    What percentage of millennials have $100 000 or more invested for retirement? ›

    The fraction of millennials with at least $100,000 in retirement is significantly less than the portion of millennials who have no retirement savings. 42.2% of millennials have no retirement savings while only 10.6% of millennials have at least $100,000 or more.

    Will there be enough Social Security for millennials? ›

    Millennials may receive less Social Security than older generations, as the reserve of funds gets depleted due to a declining number of U.S. workers contributing to the benefits pool. Millennials can fully retire at age 67, but to get the most out of Social Security benefits, you should wait until age 70 to collect.

    Is 35 too late to save for retirement? ›

    It's never too late to start saving money for your retirement. 401(k)s and traditional individual retirement accounts (IRAs) are among the most popular choices.

    Do millennials have less than $1,000 in savings? ›

    The survey found that 32% of Gen Z respondents had less than $1,000 in savings, followed by millennials at 31%, Gen X at 27% and baby boomers at 20%.

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