Millennials Are Saving for Retirement Years Earlier Than Boomers

Millennials took one look at their financial future and, early on, realized it was bleak.

The YOLO generation started saving for retirement — stuffing away money in 401(k)-type accounts — nine years earlier than their baby boomer parents did, according to a new study.

Charles Schwab Corp.’s “Retirement Reimagined” study points to the lack of pension plans, through which companies would take care of workers through their retirement, as one factor pushing millennials to start saving for retirement on their own.

Millennials, worse-off financially than their parents in many ways, also are less likely to own homes, a source in itself ...