38% of early millennials born in the 1980s will have inadequate income at age 70 due to Social Security benefits being smaller, according to a new study by the nonprofit Urban Institute.
Millennials, the disruptive generation once stereotyped as tech-obsessed, entitled job-hoppers, are all grown up and looking ahead to a future where nearly 4 in 10 won’t have enough income by the time they reach age 70.
Things don’t look great for Generation X, either, with 35% of early Gen Xers failing to have adequate income at age 70, and 39% of late Gen Xers predicted to fall short, the report said. The Urban Institute classified income as inadequate at age 70 if it was projected to fall below 25% of the annual national average wage, a level deemed necessary to cover basic needs, or replaced less than 75% of annual preretirement earnings.
Still, while the retirement outlook for early millennials is concerning, retirement is still more than two decades away for those born in the 1980s, and their financial security in old age will hinge on several factors that have yet to play out.
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