Anne Tergesen

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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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WSJ Your Money Briefing · Millennials Are on Track to Surpass Boomers in Retirement Savings · 26 Oct 2023 podcast

were very high earners in the 95th percentile.

But interestingly enough, when they looked at the 70th percentile of earners, so those who earn an above average amount but not the top 5%, they found that among those earners, the millennials were on track, whereas the baby boomers and 10Xers in that income percentile were not on track.

So basically what that's showing is that as you move down the earning spectrum,

the millennials are faring better.

It doesn't mean that at every level of the earning spectrum, millennials are saving an adequate amount.

But if you're in the 70th percentile or better and you're a millennial, this data is showing that on average, those people are saving at an adequate amount to have what they're projected to need in retirement.

Yes, they do.

But interestingly, when people are automatically enrolled, the percentages that opt out are quite low.

So it just shows you that when people are automatically enrolled, then it becomes incumbent upon them to do something to get themselves out of the plan.

Not so many people decide to actually take action.

So most financial advisors recommend saving between 12% and 15% of your income per year.

That includes an employer match.

To be on the safe side, targeting a savings rate of 15% of your income a year over a 30-year career is what's recommended.

And again, that includes the employer match.

So if your employer gives you a match that's worth 3% of pay, then you contribute 12%.

So that's what people can do to try to ensure that they have enough.

So people should always start with a 401k, especially if their company offers a matching contribution, because that's basically free money.

So start with your 401k.

And if you feel that the plan doesn't offer you great options, maybe it charges the fees are high or something, you can always try to save in an IRA as well on your own.

But the beauty of the 401k is that once you're in it,

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