Today’s workers have more retirement plan options than their predecessors. The 401(k) has become a popular investment vehicle among millennials, enabling many of them to amass substantial retirement savings before the age of 50. But here's the twist: Boomer participation rates are dropping while millennial rates climb. A 2023 study conducted by Vanguard found that retirement plan participation rates increased by over 32% between 2006 and 2021 across all age groups. Savings rates also differ by demographic, with 36% of Hispanic workers saving money, followed by Black (33%) and white (29%) workers.