Gen Z Reveals Their Ideal Retirement Age But Expects To Work Much Longer Than That

Core Insights - Gen Z's ideal retirement age is 59, but they expect to retire at 67, indicating a significant gap between aspiration and expectation, a trend observed across generations [2][7] - Millennials desire to retire at age 61 but anticipate retiring at age 69, reflecting similar patterns in retirement expectations [3] Group 1: Retirement Preparedness - Gen Z and Millennials show a greater proportion of individuals considered prepared for retirement compared to older generations, largely due to increased access to workplace retirement plans [5][4] - Access to defined contribution plans like 401(k)s is more prevalent among Gen Z than it was for Baby Boomers at the same age, enhancing their retirement savings potential [7][5] Group 2: Factors Influencing Retirement Savings - Changes in 401(k) design, including automatic investment options, have made it easier for younger generations to save for retirement [9][10] - Early saving for retirement allows younger individuals to benefit from compound interest, significantly increasing their potential retirement savings [11][12]