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Millennial Generation Faces Perfect Storm

Friday, March 30, 2018

For many Millennials, the future may be dire indeed. A perfect storm of more debt, lower earnings, reduced home ownership, less wealth, and skimpier retirement savings relative to older generations suggests that many will experience a third-world standard of living in old age. The Center for Retirement Research reviews many of these concerns in a report examining whether Millennials will be ready for retirement.

“Many of today's workers will have inadequate income when they reach retirement,” the report begins, “but the prospects for Millennials seem more challenging than for the generations ahead of them.” CRR researchers count the ways Millennials are behind. Compared to Gen Xers and late Boomers at the same age...

  • Their earnings are lower
  • They are less likely to participate in an employer-sponsored retirement plan
  • They are less likely to be covered by employer-provided health insurance
  • They are less likely to be homeowners
  • They are more likely to have student loans
  • They have accumulated less wealth

“Millennials are well behind other cohorts at the same age even though they will live longer and receive less from Social Security relative to pre-retirement earnings,” the report concludes. The only good news is: “retirement is still a long way off for these Millennials.”

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State of the Nation's Housing

Tuesday, June 19, 2018

Since the Harvard Joint Center for Housing Studies first released its seminal State of the Nation’s Housing report in 1988, more than 40 million housing units have been built in the U.S., the country has added 27 million new households, and last...

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