Of all generational cohorts, older millennials are most likely to generate enough income to retire comfortably, according to the latest Vanguard Retirement Readiness report.
Specifically, millennials aged 37-41 have the greatest chance of landing a comfortable retirement.
This is one way 401k and similar plans are better than pensions: you own the money, immediately
While pensions were historically a lot higher value, there have been too many ways to lose it. Not spend ten years at the company? Gone. Company goes bankrupt? Gone. Company not funding their commitment? Gone.
With a 401k, I own the money immediately, can take it with me no matter how short term an employee I am, keep it even if the company is bankrupt, and most importantly, I decide how to invest it (that could be bad but it’s still my choice)