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Surprise! Millennial parents more responsible than boomers

 Millennial parents are saving more for retirement than gen X and baby boomer parents, according to NerdWallet. (MGN)
Millennial parents are saving more for retirement than gen X and baby boomer parents, according to NerdWallet. (MGN) (KOTA)
Published: Feb. 28, 2020 at 11:19 AM CST
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OK boomers, the generation you love to trash is doing a better job at saving for retirement.

A new survey by

shows that millennial parents outpace gen X and boomer parents when it comes to saving for those golden years.

According to NerdWallet, parents 18 to 34 years old (millennials) save about 10 percent of their annual income for retirement. Older generations are not that generous to themselves.

Generation X parents (35 to 54) contribute about 8 percent while baby boomer parents (55 and older) stash away just 5 percent of their annual income.

Despite being early in their careers, with lower income than older generations, millennial parents are on track to have an estimated $1 million more in retirement savings than boomer parents. This is due to not only them saving more, but the fact they are less apt to skip saving for retirement than the boomer crowd; and they are willing to sacrifice a night out for their retirement.

Of course, parents of all generations are more prepared for retirement than non-parents according to NerdWallet.

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