"A 2024 YouGov survey revealed that for millennials, the magic number to quit working for good is somewhere between $1 million and $2 million. Meanwhile, the majority of Gen Zers estimate they'd be able to comfortably live on around $500,000 to $1 million in their old age."
"14% of the youngest generation of workers aim to retire in their 40s-double the number of millennials who expect to retire between the ages of 40 and 50. But with an estimated life expectancy of around 100 years old, frugal Gen Zers will need to make do with their pot sum of half a million for a staggering 60 years."
"In fact, 18% of baby boomers and late Gen Xers have been forced to unretire -or they plan to-because their pension pot isn't stretching quite like they thought it would."
Gen Z and millennials are setting high retirement savings goals, with millennials aiming for $1 million to $2 million and Gen Z estimating $500,000 to $1 million. A significant portion of Gen Z hopes to retire in their 40s, while most millennials expect to retire between 51 and 60. However, with increasing life expectancy, these savings may not last. Many older workers are reconsidering retirement due to insufficient pension funds, leading to a trend of unretirement among baby boomers and late Gen Xers.
Read at Fortune
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