Many Americans begin investing for retirement later than they should, missing out on years of potential compound growth. As Baby Boomers and Gen X approach or enter retirement, many accumulated their retirement savings after entering the workforce and continued building them throughout their careers. With many employers offering retirement plans such as 401(k)s, younger generations have an opportunity to get an early start. For Gen Z and Millennials, starting early, contributing consistently, and taking advantage of available retirement accounts and employer-sponsored plans can make a significant difference in their long-term financial security.
Source: World Economic Forum
This graph was produced by Lucas Juery, CFA, CFPⓇ and is not intended to provide financial advice.
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