Most Millennials Who Want to Retire by Age 61 Have No Savings Millennials are classified as
Americans between the ages of 18 to 37. A recent Bankrate.com
survey asked them what
the perfect retirement age would be.
Their answer was 61 years old. According to a recent report by the
National Institute on Retirement Security, approximately two-thirds of
millennials have no money saved. The millennials who are saving
have a median retirement
account balance of about $19,100. According to Nerdwallet, a more realistic retirement age for millennials is 72 if they budget wisely. If you want to retire early,
up your 401(k) or IRA
contributions. The suggested
rate is 15 percent of your income. Unfortunately, millennials are only contributing about 7.5 percent of their income to savings, according to Fidelity. In an extra effort to save more,
consider tracking your spending,
cooking at home more often
or living in a cheaper home.