Americans Age 18-37, on Average, Aim to Retire at 61; Most in Debt and Have $0 Saved

Sharing is Caring!

Hope springs eternal for Millennials, who despite having an average of $22,000+ in student debt and no savings, plan to retire early.

Here are signs that you are on track for early retirement from CNBC.

via cnbc:

Millennials may have only a little saved for retirement, but they still want to retire early.

recent Bankrate.com survey asked millennials, classified as Americans ages 18 to 37, what the perfect time to retire would be. Their answer: 61 years old.

READ  Jon Stewart On Vaccine Science And The Wuhan Lab Theory: Science Saved Us from a Pandemic that was More Than Likely Caused By Science. Stephen Colbert looks angry.

“Early retirement is something that seems very appealing,” Bankrate.com analyst Amanda Dixon tells CNBC Make It.

If only wishing made it so. Of those millennials already saving, the median retirement account balance is about $19,100. But overall, roughly two-thirds of millennials have nothing saved so far, according to a February report by the National Institute on Retirement Security.

READ  IRS Is Investigating Release of Tax Information of Wealthy Americans

“Unfortunately, even though 61 would be a great age to retire, it’s just not the reality for most people,” Dixons says. In fact, Nerdwallet calculates that a more realistic outcome for the graduates of the Class of 2018 is a retirement age of 72 — and that’s only if they budget wisely.

926 views

Leave a Comment

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