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WSJ Your Money Briefing

Millennials Are on Track to Surpass Boomers in Retirement Savings

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.81.6K Ratings

🗓️ 26 October 2023

⏱️ 10 minutes

🧾️ Download transcript

Summary

New data from Vanguard suggests millennials are poised to move ahead of older generations in terms of saving for retirement. WSJ personal-finance reporter Anne Tergesen joins host J.R. Whalen to discuss what’s allo wed them to boost their nest eggs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This episode is brought to you by the new season of Mozilla's podcast IRL.

0:05.0

Host Bridget Todd shows how we can reclaim AI to put people over profit.

0:10.0

Listen wherever you get your podcasts or at IRLpodcast.org.

0:15.0

Here's your money briefing for Thursday, October 26th.

0:20.0

I'm JR Wellan for the Wall Street Journal.

0:26.0

Millennials have lagged behind older generations when it comes to earnings and home ownership.

0:31.0

But new data suggests they are moving ahead and saving for retirement.

0:36.0

When new hires join a company rather than waiting for them to get around as signing up for the 401k plan,

0:42.0

the employer just automatically puts them in the plan.

0:45.0

And they're basically saving as a default rather than they have to proactively elect to save.

0:52.0

We'll talk to Wall Street Journal, Personal Finance Reporter, and Turgerson after the break.

1:03.0

Cain Brothers is investment banking for the future of healthcare.

1:06.0

We bring expertise in mergers and acquisitions, equity capital markets and debt capital markets to our clients.

1:12.0

Learn more at key.com slash Cain Brothers.

1:15.0

Cain Brothers is a division of key bank capital markets.

1:23.0

Millennials are on a better track for retirement savings than baby boomers and Gen X, according to new data from Vanguard.

1:34.0

Wall Street Journal, Personal Finance Reporter, and Turgerson joins me.

1:37.0

So, and Millennials are those born in the 1980s and 90s have lagged behind prior generations in key areas of personal finance.

1:46.0

Why is that?

1:47.0

It's well documented that they've lagged on key measures like home ownership and earnings.

1:53.0

And there are a couple reasons for that. One is that many Millennials came into the job market during turbulent times,

2:00.0

during the great financial crisis and the aftermath of that.

...

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