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FACT OF THE WEEK
 

2 in 10 Baby Boomers contribute more than 15% of salary to 401(k) plans

 

 

Among employed adults who participate in 401(k) plans, “over 1/3 [are] contributing 11% or more of their salary to their plan, and many [are] contributing more than 15%.” By generational groups, 29% of Millenials, 24% of GenX, and 18% of Baby Boomers report contributing more than 15% to their plans, according to a 2017 report from Bank of America Merrill Lynch. (p. 13)
       
 
 
         
Bank of America Merrill Lynch. (2017). 2017 workplace benefits report. New York: Bank of America Merrill Lynch. Retrieved from this source.
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