Millennials want to retire pretty early, but they dont have the money to do it.
A new survey from Bankrate.com asked millennials, who are classified from 18 to 37 years old, when theyd want to retire in an ideal world. The group said 61 years old.
Early retirement is something that seems very appealing, Bankrate.com analyst Amanda Dixon told CNBC.
But, theres a catch. The report found the median amount of savings corralled by millennials is around $19,100. And two-thirds of millennials have nothing saved for retirement at all, according to a report from the National Institute on Retirement Security.
Unfortunately, even though 61 would be a great age to retire, its just not the reality for most people, Dixon told CNBC.
Thats probably one reason NerdWallet recently revealed that millennials are more likely to retire around 72, assuming they keep a lean budget, CNBC reported.
Interestingly, the Bankrate.com survey found that millennials believe the ideal age to start saving for retirement is 22 years old. Millennials feel you should buy your first car at 21 and your first home at 28.
As far as retirement goes, the survey found half the baby boomers would rather retire closer to 65 or older. Meanwhile, about 17 percent of Americans 73 years old or older want to wait until they're 70.
Greg McBride, CFA, Bankrates chief financial analyst, told Bankrate.com that reality sets in and helps people determine a more realistic retirement age.
I think thats why you see those in the Silent Generation having the highest age estimate and the boomers being the next highest," McBride says. "A lot of those Gen Xers and millennials that say 60 or 61 today, they may put a different number on that and in another 20 years.
Experts told MarketWatch back in May that Americans should have a years salary the average American salary is $56,516, according to 2015 data from the U.S. Census by the time they're 30. They said you should have twice your salary saved by the time you hit 35 years old.
The median retirement for 30-year-olds is about $45,000, according to MarketWatch.
The problem? Not everyone is saving or can save that much toward retirement, according to the MarketWatch article. Either theyre living paycheck to paycheck, dont know about the accounts available to them or simply arent thinking about the amount of money theyll need in their futures.
I wrote more about the problems with millennials savings, which you can read at the Deseret News.
A new survey from Bankrate.com asked millennials, who are classified from 18 to 37 years old, when theyd want to retire in an ideal world. The group said 61 years old.
Early retirement is something that seems very appealing, Bankrate.com analyst Amanda Dixon told CNBC.
But, theres a catch. The report found the median amount of savings corralled by millennials is around $19,100. And two-thirds of millennials have nothing saved for retirement at all, according to a report from the National Institute on Retirement Security.
Unfortunately, even though 61 would be a great age to retire, its just not the reality for most people, Dixon told CNBC.
Thats probably one reason NerdWallet recently revealed that millennials are more likely to retire around 72, assuming they keep a lean budget, CNBC reported.
Interestingly, the Bankrate.com survey found that millennials believe the ideal age to start saving for retirement is 22 years old. Millennials feel you should buy your first car at 21 and your first home at 28.
As far as retirement goes, the survey found half the baby boomers would rather retire closer to 65 or older. Meanwhile, about 17 percent of Americans 73 years old or older want to wait until they're 70.
Greg McBride, CFA, Bankrates chief financial analyst, told Bankrate.com that reality sets in and helps people determine a more realistic retirement age.
I think thats why you see those in the Silent Generation having the highest age estimate and the boomers being the next highest," McBride says. "A lot of those Gen Xers and millennials that say 60 or 61 today, they may put a different number on that and in another 20 years.
Experts told MarketWatch back in May that Americans should have a years salary the average American salary is $56,516, according to 2015 data from the U.S. Census by the time they're 30. They said you should have twice your salary saved by the time you hit 35 years old.
The median retirement for 30-year-olds is about $45,000, according to MarketWatch.
The problem? Not everyone is saving or can save that much toward retirement, according to the MarketWatch article. Either theyre living paycheck to paycheck, dont know about the accounts available to them or simply arent thinking about the amount of money theyll need in their futures.
I wrote more about the problems with millennials savings, which you can read at the Deseret News.
