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Published: Feb 05, 2021 8 min read
Millennials Will Need to Save More for Retirement Than Earlier Generations. Here's TK Tips
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Call it a triple whammy: Higher levels of student debt now, plus likely lower payouts from Social Security and longer expected lifespans, leave millennials with a taller order than prior generations when it comes to saving for retirement.

That’s the upshot of a new research brief from the Center for Retirement Research at Boston College, which also notes that while millennials are saving at the same rate as older generations did at their age, these headwinds mean they'll need to save even more to achieve the same wealth as Gen X and baby boomers.

It’s no secret that millennials face some systemic financial challenges. Rising higher education costs have burdened the generation with student debt at far wider levels than their parents and grandparents. And stagnant wages, particularly for those who entered the workforce during the Great Recession, have made it harder to pay down that debt.

The good news is millennials have caught up in some measures, according to the latest Center for Retirement Research analysis, which compares older millennials ages 28 to 38 with Generation X and boomers when they were the same age.