Financial Advisor Russell Gaiser III, was featured in both a Yahoo! Finance article and a Fortune Article explaining why Millennials and Gen Xers are prepared for retirement vs previous generations.
Lower income households making less than $22,000 a year, across all generations—millennials, Gen X, and boomers—are on track to have just 63% to 64% of their pre-retirement income saved when they retire compared to the 96% they’d need. People in that income bracket, however, often make retirement planning a distant afterthought while prioritizing day-to-day needs. “I don’t even know how someone can survive on that to be honest let alone save for retirement,” says Russell Gaiser, a financial planner with The Financial Guys, a wealth management firm.
In higher income brackets, the 50th, 70th, and 95th percentiles, Millennials and Gen Xers sore past the Boomers in respects to retirement savings, Millennials in particular over 20% more than the Boomers.
You can read the full article referenced on millennials retirement preparation.
