They don't need genetic memory of that kind - they can simply react to stimulus (lowering light, temps, sun angle, etc) appropriately, and follow each other.
They do cluster en route, and maybe in general toward evening (would increase the effectiveness of their warning coloration and/or scent) - a branch of a tree in my childhood back yard, in Minnesota, used to harbor clumps of monarchs in the early fall.
The California migration is different from the midcontinent one.
Not all monarchs end up at the best or same place, going or coming - even at the insect brain level, we have evidence of some freedom of will.
More accessible examples of similar but smaller scale behavior are available: whirligig beetles on midsized lakes, for example, huddle up in a few of the same small places along the shoreline during the day (after spreading out to forage the surface at night). This has many advantages for them, but the navigational problem they face, finding these little havens from the middle of a lake in the dark, seems insurmountable for a small swimming beetle. The way they do it turns out to be fairly simple.