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Millennials are people born between 1981 and 1996, and are also known as Generation Y.
The term was first used in the 1991 book “Generations” by William Strauss and Neil Howe, who named the generation after it being the first to come of age in the new millennium.
In 2024 Millennials are all adults now.
What is Millennials retirement situation? Are they planning well for their golden years? Or are they afraid of what’s coming?
Are Millennials already well off or are they struggling to grow their retirement savings?
Find out in my updated Millennials retirement facts, statistics and trends guide for 2024.
You can use this jump link to quickly jump to the KEY STATS section.
Also, all the references and resources I used in crafting my guide are listed at the bottom of the page.
Jump here: Key Millennials Retirement Statistics, Facts and Trends for this Year| Detailed Millennials Retirement Statistics, Facts and Trends for this Year
Table of Contents
Key Millennials Retirement Statistics, Facts and Trends for this Year
Key Millennials Retirement Statistics, Facts and Trends for 2024
- Around 55% of Millennials have no retirement savings account at all. (Source)
- The median retirement savings for Millennials who do save is approximately $23,000. Only 14% of Millennials have $100 000 or more saved up in their retirement fund. This is not enough as Millennials think they need $1.59 million for comfortable retirement. (Source)
- The average Millennial thinks they need to save approximately $1.8 million for a comfortable retirement. (Source)
- Only 39% of Millennials are actively contributing to a 401(k) plan. 61% acknowledge the value of having a 401(k) plan, but simply can’t afford it at the moment. (Source)
- Student loan debt prevents 37% of Millennials from saving for retirement and contributing to their 401k’s. (Source)
- About 30% of Millennials have taken early withdrawals from their retirement accounts to pay off their bills and immediate debts. (Source)
- 72% of Millennials are prioritizing paying off debt over retirement savings. (Source)
- 67% of Millennials expect to work past traditional retirement age, either by choice or necessity. (Source)
- About 27% of Millennials expect to receive financial support from their parents in retirement. (Source)
- Only 38% of Millennials feel confident about their retirement planning. (Source)
- 75% of Millennials believe Social Security benefits won’t be available when they retire. (Source)
- The average Millennial started saving for retirement at age 27. (Source)
- 53% of Millennials expect to rely on side gigs for retirement income. 53% of Millennials have taken on side gigs for extra income. (Source)
- Only 25% of Millennials work with a financial advisor. The rest can’t afford hiring professional help to help their build up their retirement fund faster. (Source)
- 83% of Millennials would prefer to work for an employer that offers a 401(k) match. (Source)
- 47% of millennials plan to retire as soon as they can afford it; while only 22% plan to keep working well into their golden years. (Source)
Detailed Millennials Retirement Statistics, Facts and Trends for this Year
What Percentage of Millennials Have no Retirement Account?
Around 55% of Millennials have no retirement savings account at all.
These Millennials acknowledge the value of having a 401(k) plan, but simply can’t afford it at the moment.
A recent survey of US Millennials (I link to it in the reference section of this article) showed that 61% of Millennials are planning to start contributing to their 401k’s once their financial situation improves.
What is the Median Retirement Savings Amount for Millennials Who Save?
The median retirement savings for Millennials who do save is approximately $23,000. Only 14% of Millennials have $100 000 or more saved up in their retirement fund.
The average Millennial thinks they need to save approximately $1.8 million for a comfortable retirement.
What Percentage of Millennials Contribute to a 401(k) Plan?
Only 39% of Millennials are actively contributing to a 401(k) plan. 61% acknowledge the value of having a 401(k) plan, but simply can’t afford it at the moment.
Student loan debt prevents 37% of Millennials from saving for retirement and contributing to their 401k’s.
Speaking of all types of debts and not just student debts, 72% of Millennials are prioritizing paying off debt over retirement savings.
How Many Millennials Plan to Work Beyond Traditional Retirement Age?
67% of Millennials expect to work past traditional retirement age, either by choice or necessity. About 27% of Millennials expect to receive financial support from their already retired parents as the funds from their retirement plan won’t be enough.
What Percentage of Millennials Feel Confident About Retirement Planning?
Only 38% of Millennials feel confident about their retirement planning. The rest are shooting in the dark given that they can’t afford the help of a decent financial advisor. Only 25% of Millennials work with a financial advisor to reach their retirement savings goals faster.
How Many Millennials Believe Social Security Will be Available for Them?
75% of Millennials believe Social Security benefits won’t be available when they retire and it’s making them anxious and depressed.
The average Millennial started saving for retirement at age 27. These Millennials consider it an early age to start saving for retirement but also potentially not early enough given the bleak outlook of current and future economy.
What Percentage of Millennials Plan to Use Side Gigs for Retirement Income?
53% of Millennials expect to rely on side gigs for retirement income. 53% of Millennials have already taken on side gigs for extra income. 37% of Millennials are actively investing in cryptocurrency and 55% of them are actively investing in the stock market.
Millennials see both crypto and stock market as viable ways to make more money and reach their retirement savings goals faster.
How Many Millennials Prefer Employers with 401(k) Match Programs?
83% of Millennials would prefer to work for an employer that offers a 401(k) match. This is largely due to their focus on long-term financial security and concerns about retirement savings.
Millennials Retirement and Savings Statistics, Facts and Trends for 2024 (FAQ)
How Much Does the Average Millennial Have in Retirement How Much Money Will They Need for Comfortable Retirement?
According to a study by Northwestern Mutual’s Planning and Progress Study, the average millennial has around $62,600 saved for retirement. This is not enough as Millennials think they need $1.59 million for comfortable retirement.
At What Age Do Most Millennials Plan to Retire?
Millennials as a generation are not about working until they drop.
Instead, they want to retire at just the right time. The right time for them is when they have enough money saved up to support them for the rest of their lives.
Millennials strongly believe retirement age is defined by financial independence rather than age. A recent survey found that 47% of millennials plan to retire as soon as they can afford it, while only 22% plan to keep working.
What Percentage of Millennials have $100,000 or More Invested for Retirement?
Only 14% of Millennials have $100 000 or more invested for retirement.
Is There a Retirement Crisis Going on With Millennials?
Yes, according to current data, there is a significant concern about a “retirement crisis” among millennials, primarily due to factors like low retirement savings compared to their desired retirement lifestyle, high levels of student debt, and a shift towards defined contribution plans instead of traditional pensions plans.
Millennials Retirement and Savings Statistics, Facts and Trends for 2024 (Conclusion)
My updated guide for 2024 lists the best and latest statistics, facts and trends about Millennials retirement outlook and how Millennials are preparing for their golden years.
I hope you enjoyed it because the guide is now over.
During my research, I consulted these resources below:
References:
- Are millennials saving enough for retirement- https://www.johnhancock.com/ideas-insights/are-millennials-saving-enough-for-retirement.html
- Why millennials’ retirement outlook may be worse than those of older generations- https://www.cnbc.com/2024/02/09/millennials-retirement-outlook-may-be-worse-than-older-generations.html
- Half of boomers and Gen X are poised to run out of money in retirement—but millennials are in a better spot, says report- https://fortune.com/2024/08/05/half-of-boomers-and-gen-x-are-poised-to-run-out-of-money-in-retirement-but-millennials-are-in-a-better-spot-says-report/
- Millennials want to retire by 60. Good luck with that.- https://www.usatoday.com/story/money/2024/04/17/millennials-want-early-retirement/73324912007/
- Are Millennials on Track With Retirement Savings? Here’s What a Recent Survey Says- https://www.fool.com/retirement/2024/05/09/are-millennials-on-track-with-retirement-savings-h/
- Why millennials are behind when it comes to saving for retirement — and what they can do to get ahead- https://www.cnbc.com/select/millennials-behind-other-generations-retirement-savings/
- 15 Facts About Millennials’ Retirement Readiness and 7 Steps for Long-Term Success- https://www.seniorlifestyle.com/resources/blog/15-facts-millennials-retirement-readiness-7-steps-long-term-success/
- How Much Do Millennials Need to Save for Retirement?- https://www.investopedia.com/articles/financial-advisors/122815/how-much-millennials-should-save-retire-comfortably.asp
- Is the Retirement Picture for Millennials Looking Better?- https://crr.bc.edu/is-the-retirement-picture-for-millennials-looking-better/
- Most Millennials Have Less Than $100K in Retirement Savings: Should You Be Concerned?- https://www.nasdaq.com/articles/most-millennials-have-less-than-$100k-in-retirement-savings:-should-you-be-concerned
- Millennials Define Retirement as Time of Greater Flexibility, Not Workforce Exit- https://www.plansponsor.com/millennials-define-retirement-as-time-of-greater-flexibility-not-workforce-exit/
- Age Is Just a Number? Millennials Will Retire ‘as Soon as Possible’- https://www.asppa-net.org/news/2024/3/age-just-number-millennials-will-retire–soon-possible/
Nikola Roza
Nikola Roza is a blogger behind Nikola Roza- SEO for the Poor and Determined. He writes for bloggers who don't have huge marketing budget but still want to succeed. Nikola is passionate about precious metals IRAs and how to invest in gold and silver for a safer financial future. Learn about Nikola here.