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Gen Z may be the youngest working generation, but they already know when they want to retire. According to a new report from Northwest Mutual, Gen Z’s average expected age for retirement was 60. This is much lower than other generations, like baby boomers who expect to keep working into their 70s.
So, why do they think this? Well, Gen Zers are already saving for retirement, with the average starting age of saving being 22. On the flip side, most baby boomers, on average, didn’t start saving until about the age of 37.
"Whereas previous generations saw work as the dominant aspect of one's lifespan, Gen Z in large numbers appears to see employment as a financial vehicle to aspirational goals more than a source of fulfillment," financial literacy instructor Alex Beene explains. He adds that with inflation occurring throughout their young adulthood, it’s tough right now to say if retiring at the age of 60 is a lofty goal or not.
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