Millennials are better prepared for retirement than older generations because they are saving more money and starting earlier, survey finds 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 poll Millennials also put away an average of 10% of their income toward retirement - more than the 8% socked away each year by Generation X Meanwhile, 11% of American workers have no retirement plan or savings at all By Valerie Bauman Social Affairs Reporter For Dailymail.com Published: 19:52 BST, 3 April 2019 | Updated: 20:41 BST, 3 April 2019 Viewcomments 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 outlive their personal savings, while 44 percent believe they will live to see the elimination of Social Security. Baby Boomers are much more likely than younger generations to expect Social Security to be their primary source of retirement income – 42 percent feel that way, compared to 28 percent of Generation X and 19 percent of Millennials. A majority (76 percent) of Americans believe their own generation will struggle more than their parents’ generation to gain financial security in retirement. More than half of workers (54 percent) expect to work past age 65 or do not plan to retire. However, the statistic differs across generations: 69 percent of Baby Boomers and 57 percent of Generation X either expect to or are already working past age 65, or do not plan to retire. This graph illustrates the different ages at which each generation expects to retire. The largest share of Millennials expects to retire before age 65, while the greatest proportion of Baby Boomers and Generation X envision leaving work after age 65 Compare that to the majority (58 percent) of Millennials who plan to retire at 65 or sooner. One factor that could jeopardize retirement across generations is that 29 percent of Americans have taken out some form of loan or early withdrawal from their 401(k) or other retirement plans. Baby Boomers were least likely (22 percent) to take that step, compared to 32 percent of Generation X and 30 percent of Millennials. Despite those missteps, 63 percent of U.S. workers are confident they will be able to fully retire comfortably. Millennials are the most optimistic, with 65 percent saying they are confident about retirement, compared to 59 percent of Generation X and 63 percent of Baby Boomers. All generations fantasize about traveling, spending time with family and participating in hobbies during retirement. However 51 percent of Baby Boomers and Generation Xers, as well as 43 percent of Millennials, fear they will outlive their savings. This graph breaks out how each generation wants to spend their time in retirement, with traveling the most popular desire across all age groups This chart lists the top fears about retirement held by each generation, with outliving savings ranking as a major fear across all age groups Read more: Share or comment on this article: All rights reserved for this news site dailymail and under his responsibility