CapitalCounselor
  • Home
  • Reviews
  • Blog
  • News
  • About Us
  • Our Team
  • Contact Us
CapitalCounselor
  • Home
  • Reviews
  • Blog
  • News
  • About Us
  • Our Team
  • Contact Us
Finance News - Millennials and Zoomers Plan to Retire in Their 50s

Millennials and Zoomers Plan to Retire in Their 50s

  • Marina Avramovic
  • December 16, 2021

The ongoing coronavirus pandemic changed Millennials’ and Zoomer’s plans when it comes to retirement. Namely, according to the study conducted by Northwestern Mutual, both intend to retire before they turn 60. 

To be more precise, the average expected retirement age for Millennials is 59.5, whereas Gen Z’s average retirement age is now 59.4.

At the same time, Gen X’s average expected retirement age is 64.3, whereas Boomers plan to work the most — until they reach 68.3 years of age.

That said, among the 2,320 polled 18+ US citizens, 35% stated that the ongoing pandemic changed their initial retirement plans. On the one hand, 24% of responders want to retire later than previously planned. On the other hand, 11% want to retire earlier than planned. 

Furthermore, due to the pandemic, many people turned to remote working, which also had a major impact on people’s choices for retirement. For example, 55% of people will delay their retirement plans to save more money. 

48% of people who want to retire earlier plan to move up their initial retirement date by 3–5 years. Out of this, 42% want to spend more time with their family, whereas others want to focus on things not related to work, such as hobbies (according to 33% of surveyees).

What’s more, the pandemic didn’t just change people’s plans regarding retirement age. It also left a significant mark on their retirement savings. In fact, 44% of non-retirees believe their retirement plan is off-track.

0
0
0
Share
Tweet
Share
Share
Marina Avramovic

Marina is a content writer and a film-maker who spends most of her time in front of the computer, writing articles and blog posts on various subjects, learning fictional languages or editing avant-garde movies. This compulsive penchant for learning new ways of dreaming and writing became her dream job. When she's not obsessing about work she tries to cook, read dystopian novels and go on adventures with her dog.

Previous Article
Finance News - Virtual Reality on Facebook — the Latest “Meta”

Virtual Reality on Facebook — the Latest “Meta”

  • Marina Avramovic
  • December 16, 2021
Read More
Next Article
Finance News - Is Nvidia the Next Trillion-Dollar Club Member1

Is Nvidia the Next Trillion-Dollar Club Member?

  • Szabolcs Szecsei
  • December 16, 2021
Read More
You May Also Like
Finance News - Cost of Living - Top Concern Among Gen Zs and Millennials
Read More

Cost of Living – Top Concern Among Gen Zs and Millennials

  • May 20, 2022
Finance News - EV Battery Prices Expected to Increase by 22%
Read More

EV Battery Prices Expected to Increase by 22%

  • May 20, 2022
Finance News - Home Values Skyrocket in 97% of US Cities
Read More

Home Values Skyrocket in 97% of US Cities

  • May 11, 2022
Finance News - US Gucci Stores to Start Accepting Crypto by the End of May
Read More

US Gucci Stores to Start Accepting Crypto by the End of May

  • May 11, 2022
Finance News - 32% of American Students Unable to Pay Off Their Debts
Read More

32% of American Students Unable to Pay Off Their Debts

  • May 5, 2022
Finance News - 66% of Americans Willing to Take On Debt for Love
Read More

66% of Americans Willing to Take On Debt for Love

  • May 5, 2022

Leave a Reply Cancel reply

You must be logged in to post a comment.

Recent Posts
  • Capital One Bank Hours 1
    Capital One Bank Hours: Opening and Closing Times (Each Day)
    • May 20, 2022
  • How Much Does Spotify Pay For 1 Million Streams 2
    A Guide on How Much Does Spotify Pay for 1 Million Streams
    • May 19, 2022
  • WhatsApp Statistics 3
    30 WhatsApp Statistics and Facts to Make You Check Your DMs
    • May 17, 2022
  • Branding Statistics 4
    32 Insightful Branding Statistics for a Flourishing Business
    • May 17, 2022
  • 403b vs Roth IRA 5
    403b vs Roth IRA: Fierce Battle for Retirement Savings
    • May 15, 2022
Follow Us
Facebook
Twitter
LinkedIn
CapitalCounselor
  • About
  • Our Team
  • Contact
  • Affiliate Disclosure
  • Privacy
  • Terms
©2022 CapitalCounselor.com – All Rights Reserved.

Input your search keywords and press Enter.