The average millennial holds about $83,700 in a 401(k), according to Fidelity.
Contribution rates are climbing, but many millennials are still making up ground lost to early-career setbacks.
Millennials are closing the retirement-savings gap with older generations, but the headline averages mask how far behind many still are.
Fidelity estimates the average millennial has a 401(k) balance of about $82,600. Millennials include those born between 1981 and 1996.
Millennials in Fidelity plans now save about 9% of their pay, and their employers contribute 4.8%. That's within reach of the 15% rate advisors recommend, but still trailing Gen X and Boomers.
#fidelity #many
Contribution rates are climbing, but many millennials are still making up ground lost to early-career setbacks.
Millennials are closing the retirement-savings gap with older generations, but the headline averages mask how far behind many still are.
Fidelity estimates the average millennial has a 401(k) balance of about $82,600. Millennials include those born between 1981 and 1996.
Millennials in Fidelity plans now save about 9% of their pay, and their employers contribute 4.8%. That's within reach of the 15% rate advisors recommend, but still trailing Gen X and Boomers.
#fidelity #many
2 months ago
