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Millennials better prepared for retirement than their parents

Staff Writer |
Among all generations of group retirement plan members, 51% of Millennials have set specific retirement goals, compared with just 44% among both Gen X and Boomer participants.

Of the 51% of Millennials who have set goals, 83% say they believe they are on track to meet them.

Nearly two-thirds (61%) of Millennials have at least $25,000 in total retirement savings, and 27% of them have more than $100,000, with an average of 30-35 years before retirement.

By contrast, 75% of Boomers have more than $100,000 in savings with an average of just three years until retirement age. The average Boomer will hit age 65 with just 3.4 years of current income saved, far short of the 10 years some experts recommend.

While there is an enormous "money in motion" opportunity looming, just 20% of current group plan participants say they "definitely will" roll over those assets to their current plan provider in the future.

However, when plan participants are digitally engaged, aware of guidance and education resources, and experience transparency around fees, the likelihood that they will roll over their assets to their group plan provider increases to 48%.

This is according to the J.D. Power 2018 Group Retirement Satisfaction Study.

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