2019 DC Participant Insight Series: How High Income Millennials are Preparing for Retirement
Despite continued criticism, Millennials today are working adults with jobs offering benefits like a 401(k) plan. They are likely to have student debt, automobile loans, young children and 30-year mortgages. Do they have time to think about retirement and plan for it?
This study asks Millennials if they are currently planning for retirement. Are they invested in a defined contribution plan? Are they contributing the minimum, or have they stepped up their contribution with every pay raise? Are older Millennials already borrowing from their defined contribution plans? We explore a generation of investors who started investing about the time the American economy crashed, and see how that bombshell impacted their ability to invest for the future.
How High Income Millennials are Preparing for Retirement provides a summary of the attitudes and behaviors of high income millennials (households with an income about $100,000) with an employer-sponsored retirement savings plan such as a 401(k), 403(b) or 457 plan.