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

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

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“Early retirement is something that seems very appealing,” 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.

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“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.


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