• deconstruct@lemmy.worldOP
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    1 year ago

    It’s not just boomers.

    Young savers have done especially well. Gen Z saw a 66% increase in average 401(k) balances compared to a year ago, while millennials saw a 24.5% increase. Average Gen X balances were up 14.5%, and baby boomers saw an average increase of 6.3% compared to a year ago.

    Source from Fidelity (PDF)

    • jackoneill@lemmy.world
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      1 year ago

      You guys can afford to save for retirement? I’m just trying to feed my family…. Figure I’ll have to work until I drop dead

    • alianne@lemmy.world
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      1 year ago

      I’ll be curious to see what these numbers look like once student loan repayments start back up in October. I know I’m personally going to have to cut back my 401(k) contributions - which I increased during the payment pause over the last few years - in order to resume my payments, even with an IDR plan.

      • deconstruct@lemmy.worldOP
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        1 year ago

        Gen Y (millenials) saw the second largest increase. Balances for millenials and Gen Z are much lower due to other expenses like student loans.