A recent study by Northwestern Mutual reveals that many Millennials are focused on retirement.
The study found that Millennials are almost twice as likely to be thinking about retiring early compared to Gen Z and almost three times as likely as Gen X.
When asked what age people expected to retire, Millennials had the most accelerated timeline, with a target retirement age of 61.3, which was nearly seven and a half years earlier than Baby Boomers.
Other research has found that Millennials are aiming to retire even earlier: According to a separate report by Alto Solutions, most hope to retire at 59, even though 3 out of 4 aren’t confident that will be possible.
Retiring early ultimately depends on an individual’s circumstances and desired lifestyle, but putting a plan in place — and some guidelines — can help you reach your retirement goals.
If you’re interested in speaking with a financial planner about your retirement goals, you can schedule a complimentary consultation with our team below.
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