Americans Believe This Is the Best Age to Retire
Do you see yourself in the workforce as an octogenarian or nonagenarian? Or are you ready to call your 9-to-5 quits by 40?
A new survey from Bankrate.com, a financial comparison site, reveals that Millenials believe the ideal age for someone to retire is 61, and that neighboring generations think similarly. Bankrate conducted their poll over the course of June 27th to July 2nd among a sample of 1,001 respondents in America. Interestingly, when broken down by gender, men believed the best age to retire, on average, is 60, whereas women put it at 62.
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There were also generational differences, with Millennials responding, on average, that the ideal age was 61, Gen X came in at 60, Baby Boomers 62, and the Silent Generation (those born between roughly 1925 and 1945) 65. Worth noting: 17% of those polled ages 73 and older thought you should wait until you're at least 70 for retirement.
"Reality begins to set in as you advance toward retirement age," said Greg McBride, CFA, Bankrate's chief financial analyst, in the article. "I think that's why you see those in the Silent Generation having the highest age estimate and the boomers being the next highest. 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."
In addition to ideal retirement age, the poll also looked at the best ages to buy or lease a first car, buy a first house, start saving for retirement, and open a first credit card. Read more here.
Now, we'll be right back, forwarding this one to our hard-working papaw!