Hope springs eternal for Millennials, who despite having an average of $22,000+ in student debt and no savings, plan to retire early.
Millennials may have only a little saved for retirement, but they still want to retire early.
A 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.
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.
“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.