Is the Retirement Picture for Millennials Looking Better?

Anqui Chen, Nilufer Gok and Alicia H. Munnell

Issues in Brief from Center for Retirement Research

Abstract: Millennials started their careers in weak labor markets, so initially they lagged behind Late Boomers and Gen Xers at the same ages in life events and wealth. Strikingly, data for 2022 show a big reversal: Millennials had caught up on most indicators, and they surpassed earlier cohorts in wealth accumulation. The main reason was a huge runup in housing wealth, which soared during COVID, but gains in financial wealth also boosted balance sheets. It’s not clear, however, what this good news means for retirement security, since house prices may reverse and few retirees tap their equity for consumption.

Pages: 8 pages
Date: 2024-08
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