Millennials may be redefining retirement, and not in the way you might think.
In a new survey, more than 4 out of 10 (41%) Millennials said they expect to retire when they hit a certain financial milestone or savings goal, rather than attaining a specific age (cited by 35% of Boomers and 29% of Gen Xers), or no longer being able to work (33% Boomers; 33% Gen Xers), which are typical among older workers. Nearly 3 out of 10 (29%) Millennials expect to retire when they hit a career point — as do just 11% Boomers.
As for current retirees, they left the workforce when they:
- 33% – hit a career point;
- 26% – hit a certain age;
- 22% – could no longer work due to health concerns; and
- 10% – hit a financial milestone or savings goal.
The survey of more than 1,000 mass affluent Americans finds that most (53%) Millennials view retirement as the start of something exciting. In fact, according to the latest Merrill Edge Survey, just over one in five (21%) expect their retirement priorities to include:
- 10% – pursuing a passion;
- 7% – furthering their education; or
- 4% – starting/growing their own business.
- 30% – spent more money than anticipated;
- 19% – moving to a new location; and
- 18% – feeling a lack of purpose.
- 29% – maintaining their standard of living;
- 27% – spending time with loved ones; and
- 23% – maintaining their health.
Oh, and one more way that there is a generation gap in retirement: 47% of Millennials believe the outcome of the 2016 presidential election will have a positive impact on their long-term financial goals, higher than any other generation (34% Gen X and 26% Boomers). On the other hand, 27% of Millennials think it will have a negative impact, as do 23% each among Boomers and Gen Xers.
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