Hr Library

Millennials want to retire early at 59. Here’s how to make that happen

By | Jessica Dickler |

Baby boomers aren’t the only generation focused on retirement.

Millennials are almost twice as likely to be thinking about retiring early compared to Gen Zers and almost three times as likely as Gen Xers, according to a recent study by Northwestern Mutual.

When asked what age people expect to retire, millennials had the most accelerated timeline, with a target retirement age of 61.3 — nearly seven and a half years earlier than boomers.

More from Personal Finance:
Social Security isn’t bankrupt: What we know about benefits
How taxes on Social Security benefits may change
Why the Social Security retirement age may move past 67

Other research has found millennials are aiming even earlier: Most hope to retire at 59, even though 3 out of 4 aren’t confident that will be possible, according to a separate report by Alto Solutions. 

Millennials are ‘struggling to afford the present’

After experiencing the pandemic recession and the extreme market swings that followed, roughly three-quarters, or 76%, of adults between the ages of 26 and 41 are concerned that a crash could wipe out their savings and investments, Alto Solutions said.

More than half, or 53%, worry they’ll never be able to afford retirement, the report also found.

Click here to read the full article

Show More

Related Articles

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button