Anne Tergesen
speaker
4,485 appearances
83 recordings
1 series
first heard Jul 2017
last heard Feb 2025
Anne Tergesen’s voice in public audio — every appearance, attributed to the second.
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And Gen X is in between, but basically a lot of them were left on their own to make these decisions as well.
And so that's really reflected in the retirement savings that each generation has been able to amass.
So the Vanguard data shows that for a millennial earning the average or like the median salary in the middle of the income spectrum, that they are on track to replace about 60% of their pre-retirement income average.
with both Social Security and savings from 401ks and IRAs.
And in contrast with the baby boomers, they're only on track to replace 50% of their pre-retirement income.
So you can see that millennials are doing considerably better in that area.
If you've been automatically enrolled, you have some savings.
It doesn't mean that the savings that you have are adequate.
And that's been one criticism of automatic enrollment is that often companies automatically enroll people at 3% of pay, which is not enough.
A lot of financial advisors recommend saving 12 to 15% of pay.
Companies that automatically enroll, a lot of them have implemented something called automatic increase.
So every year that goes by,
they automatically increase your savings rate by typically one percentage point, which over time can get you to that 12 to 15%.
But it doesn't mean that you have an adequate savings cushion, because ideally, you start off at 12 to 15%.
And that's what you save every year, particularly millennials who are in the lower end of the earning spectrum, they tend to not
have an adequate amount of savings for what they're projected to need in retirement, but the higher earners are on track to potentially have enough.
They looked at four different levels of income.
And the question they asked was, are people who are millennials and also baby boomers and Gen Xers, but people who earn this amount, are they on track?
And what they found is that when it came to Gen X and the baby boomers, many of whom are still in the workforce, are they on track?
The income groups that were on track for all three generations were
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