What Age Are Millennials Expected To Retire?
Millennials are the most educated, and adventurous generation. They have a high entrepreneurship spirit that keeps them going. Sadly, like other generations, millennials are not free from debt most of which were accrued to finance their education. While some may be fortunate to pay off this debt early, it doesn’t really come easy for others. This debt worry affects the retirement plan of several millennials. The question pops up, what age are millennials expected to retire? Retirement is about freedom and being happy. A period of ease and less stress. But then at what age can millennials do this?
A survey carried out by Bankrate.com on American millennials within the age bracket 18-37 shows that age 61 as the retirement age of millennials. Some survey shows 70 as the retirement age while others show that there isn’t any definite age for retirement. The early retirement age as shown by the Bankrate.com survey is a blessing however, the result also comes with a little worry. Good numbers of millennials (about two-third) do have enough financial capability to retire because they have either not saved at all and those that did haven’t saved enough. This is even further compounded by the fact that an average millennials contribution to 401(k) or IRA is around 7.5% of their income which is way below the standard expected (15%) to retire early.
Chances are that in the next few decades the retirement age for millennials would have scaled up to 80 years. This is in no way far from the truth. The major factors that would be responsible for this increase in retirement age would be the increasing economic pressures, lack of adequate finances to keep up with a daily living, reduction/fluctuations of pension.
Moreover, the definition of work is changing and so the resultant effect is a consequent change in the definition of retirement. In few decades to come more people would live their life for a course, to the end that it is not about their job, but their impact and contributions to humanity which they can’t retire from.