By Valerie Bauman Social Affairs Reporter For Dailymail.com
Published: 19:52 BST, 3 April 2019 | Updated: 20:41 BST, 3 April 2019
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Millennials are doing a better job at preparing for retirement than Baby Boomers and Generation X – starting earlier and saving more each month than their older counterparts.
Millennials start saving for retirement at age 24, on average, significantly earlier than age 30 for Generation X and 35 for Baby Boomers, according to a new survey of 5,923 workers by the TransAmerica Center for Retirement Studies.
The generation born 1980-2000 also puts an average of 10 percent of their income toward their employer-sponsored retirement fund, more than the 8 percent saved by Generation Xers.
Millennials have an average of $23,000 saved for retirement, compared to $66,000 among Generation X and $152,000 for Baby Boomers.
This graph illustrates the average amount of retirement savings that each generation has accumulated as of 2019
Some 11 percent of American workers have no retirement savings at all.
As Americans are living longer, and experts say it’s critical to think about saving for later in life, particularly given that 13 percent of Americans (including 17 percent of Millennials) believe they will live to be 100 or older.
Nearly half (48 percent) of Americans fear they will
