: Confident Gen Z plans to retire more than a decade earlier than boomers

by | Dec 20, 2022 | Stock Market

Generation Z, the nation’s youngest adults, aim to retire at 59, a full 12 years before baby boomers and older generations. According to a study from Northwest Mutual, Gen Z, those Americans between the ages of 18 and 25, had the highest levels of confidence in their careers and in their ability to achieve financial security. Read: How much should you have saved for retirement?

As a result, they expect to retire at 59. In comparison, millennials expect to retire at 61, Generation X at 65, and “Boomers+” at 71. The most negative outlook came from Gen X, which had the lowest confidence that Social Security would be there when they need it at 43%, compared with 52% for millennials, 55% for Gen Z and 70% for baby boomers and older, the study found. Gen X also has the most pessimistic view on the question of “I have achieved/will achieve long-term financial security” at 58%. That compared with millennials at 66% and both Gen Z and baby boomers and older at a more optimistic 70%, according to the study. During the pandemic, Gen Z was the most likely to build savings and begin working with an adviser. The study also showed that these young adults were more confident about their careers and in their ability to achieve financial security. That confidence comes with caveats, however. Gen Z adults were also the most inclined to say thei …

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