How Millennials Are Building Better 401(k) Accounts Than Older Workers

How Millennials Are Building Better 401(k) Accounts Than Older Workers

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Millennials lag older workers in certain key measurements of 401(k) account usage. For one, only 59.4% of millennials have an account vs. 63.6% of Gen Xers and 66.1% of baby boomers. But millennials are leaders in what may be the single most important trait. As a group, they are on track to replace a higher portion of their pre-retirement income once they retire.

Millennials are building their 401(k) accounts fast enough and big enough to duplicate 66% of their pay if they quit work at age 65 and start to take Social Security benefits, according to a study by a unit of Wells Fargo. The financial firm runs retirement plans, like 401(k)s, with 4 million members.

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