Boomers vs. Millennials: Where They Stand on Retirement

Baby Boomers, the oldest part of the workforce, and Millennials, who make up the bulk of the young part of the workforce, are separated by more than age. They have somewhat different takes on saving and retirement—but not entirely in ways one may expect. 

Some of the differences reported by the time2play blog are much to be expected and are reflect where those demographic groups are in life. For instance, more Millennials than Boomers consider saving for a house their top saving priority, while more Boomers than Millennials put saving for retirement at the top. They share a belief that having an emergency fund is a high priority, though—a majority of both hold that view. 

Strong and almost equal majorities of both generations—87% of Millennials and 86% of Boomers—have a savings account. And both generations share an interest in starting to save at a young age. Some Boomers reported having started very young—21% did so at age 9 or earlier. Millennials are not far behind—and, encouragingly, half of the did so at age 17 or younger. 

Majorities of both generations have a retirement fund—56% of Millennials and 67% of Boomers. Interestingly, the younger generation evinces slightly more optimism about when that retirement will take place: 16% of the Baby Boomers—presumably, the younger ones who are not yet that age—believe that they will be able to retire at age 62, while 20% of Millennials believe they can by age 65. Equal percentages of each generation—15%—expect to be able to by age 70. 

Responses are based on a March 2022 survey of 1,000 Americans by time2play of Millennials (which they define as being between the ages of 26 and 41) and Baby Boomers (which they define as being between the ages of 58 and 76).