Opinion: Millennials are the new face of the retirement crisis
August 21, 2019 by Mark Hulbert
You think you are facing a retirement finance crisis?
Consider the millennial generation, those born between 1981 and 1996. Starting this year they became the largest living generation in the U.S.
Compared with their dismal retirement finance prospects, those currently in or close to retirement would seem to be living on Easy Street.
At least that is the depressing conclusion I draw from recent research into the situation millennials will likely face when they begin to retire around 2050.
This research, which began circulating on the Social Science Research Network in early July, is entitled “How Will Retirement Saving Change by 2050? Prospects for the Millennial Generation.” Its authors are William Gale, a senior fellow in the Economic Studies Program at the Brookings Institution; Hilary Gelfond, a graduate student at the Kennedy School of Government at Harvard; and Jason Fichtner, a senior lecturer at the School of Advanced International Studies (SAIS) at Johns Hopkins University.