More than six in 10 Americans (62%) aged 19 to 39–members of Generation X and Generation Y, in other words–say they have given at least some thought to retirement, according to a recent survey by the Employee Benefits Research Institute (EBRI), and 20% say they have given the matter a great deal of thought.
The survey, entitled “Preparing For Their Future: A Look at the Financial State of Gen X and Gen Y,” was sponsored by the American Savings Education Council, an EBRI program, and Divided We Fail, a coalition involving the AARP, the Business Roundtable, Service Employees International Union, and the National Federation of Independent Business. Around 1,752 individuals participated in the survey, which aimed at getting a sense of how prepared Gen X and Gen Y are for retirement.
About 58% of these young adults say they expect to retire between the ages of 60 and 69. Around 18% say they expect to keep working at their primary occupations until they are in their 70s, and 3% responded they’d likely be working till their 80s. Only 22% overall envision early retirement.
The current “normal” retirement age for full Social Security benefits is age 65 for workers born in 1937 or earlier (currently age 71 or older), and is gradually being increased, reaching age 67 for those born in 1960 or later (which includes those in Gen X and Gen Y).
According to EBRI’s Retirement Confidence Survey (released in April), workers continue to push back their expected retirement age, often with the intention of improving their current financial situation or increasing their financial security in retirement. The typical worker expects to retire at age 65, while 20% of workers plan to push on into their 70s, the survey found.