One thing nearly the entire workforce has in common is the desire to retire. While there are undoubtedly outliers like Warren Buffett, who is finally retiring at the ripe age of 95, many professionals look forward to the day they can kick back and enjoy the fruits of their labor.
The average retirement age in the U.S. is 65 for men and 63 for women, according to the Center for Retirement Research at Boston College. But Gen Z has their sights set on an earlier retirement age, a Manulife John Hancock report released Tuesday shows.
Gen Z believes the ideal retirement age is 59, far lower than other generational cohorts: Millennials believe 61 is ideal, Gen X targets age 64 for retirement, and baby boomers say their ideal retirement age is 67, according to the report.
Results are based on a survey of more than 2,500 Manulife John Hancock Retirement plan participants and American retirees, run from May 9 through June 2. Even the retirement planning firm called this trend “eye-opening” in its report.
But just wanting to retire by a certain age doesn’t match reality. The report also illustrates the disconnect between the expected length of retirement and worker readiness. In other words, workers may want to retire earlier, but there’s a good chance they’re not financially prepared to do so.
