Summary

What roles do defined contribution plans and IRAs play in retirement savings across generations? This research from the Employee Benefit Research Institute (EBRI) examines how retirement saving patterns have evolved across the Baby Boom, Generation X, and Millennial generations. Using data from the Survey of Consumer Finances, the study explores the relative importance of employer-sponsored defined contribution (DC) plans and individual retirement accounts (IRAs) in building retirement wealth during the early and middle stages of workers' careers.

The analysis investigates generational differences in retirement plan participation, asset accumulation, and the distribution of retirement savings across income levels. It also examines how changes in workplace retirement plan design, retirement savings behaviors, and access to employer-sponsored retirement programs may have influenced long-term retirement preparedness.

The findings provide insight into the evolving retirement savings landscape and the growing role of workplace retirement plans in supporting financial security. For employers, policymakers, and retirement professionals, the research offers important context for understanding how plan access, participation, and savings incentives may shape retirement outcomes across different generations and income groups.