Every generation likes to think it's nothing like the one that came before it. As for retirement, millennials might actually be right. Twenty- and 30-year-olds make up the first postwar generation with almost no shot at getting a traditional pension from a private company. Today fewer than 7% of Fortune 500 companies offer such plans to new hires, according to the consulting firm Towers Watson. In 1998, when members of Generation × entered the workforce, 50% of Fortune 500 companies offered such plans.
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