Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Saturday, August 24, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Gen Z wants to retire early, but are struggling to save

October 12, 2023
in Business
Reading Time: 2 mins read
A A
Gen Z wants to retire early, but are struggling to save
0
SHARES
ShareShareShareShareShare

Gen Z wants to retire early, but are struggling to save

Much like the precociously depressed Charlie Brown, Gen Z is looking at their career trajectory and feeling some grief—or “good grief” in be particular. Wading into a more challenging economy than their parents, these junior employees are finding luck is just not in their favor when it comes to saving up enough money to leave the workforce.

READ ALSO

The ‘Viking Code’ leadership of Nicolai Tangen, a wealth fund CEO unafraid to lock horns with Elon Musk

Meta blocked an Iranian hacking network posing as tech support from Microsoft and Google

Almost all (99%) of Gen Zers report they’ve faced hurdles in saving for a comfortable retirement, according to Charles Schwab’s annual 401(k) Participant Survey of 1,000 U.S. adults. That’s a 9% increase from last year.

Having had more time to save, other generations are also worried but not quite as much—88% of millennials, 91% of Gen Xers, and 86% of boomers say they’ve struggled to save for the light at the end of the retirement tunnel. Still though, those percentages are quite high, indicating that retirement requires an ostrich sized nest egg these days. Experts agree that $1 million is no longer enough to comfortably leave the workforce. 

Indeed, Gen Z says inflation is the biggest foe when it comes to saving for retirement (at 54%), followed by paying monthly expenses (35%), as well as unexpected ones (31%). With entry-level salaries and less time to build wealth, they can easily find themselves living paycheck-to-paycheck during times of economic volatility. They’re also grappling with the return of student loan payments, a difficult housing market, and a world of increasing wealth inequality. Some have even taken on extra gigs in order to make ends meet. Many—alongside millennials—believe they’re “starting further behind financially” than other generations when they were the same age, per a survey from USA Today by the Harris Poll.

Everyone is feeling like they’re slipping behind, though; BlackRock’s 2023 Read on Retirement report shows that the number of employees who feel unsure they’ll be able to reach their ideal retirement lifestyle has more than doubled since 2021. But Gen Z is the most wary of them all, the report finds. 

Anxiety and obstacles be damned, though—the generation is still trying to make strides as much as they can. They’re 32% more likely to invest in their employer’s retirement plans than their coworkers were when they were the same age, according to a report by Vanguard.

But if the economy continues to go in an expensive direction, Gen Z will likely have to save more than their parents and grandparents did and might have to buckle up for a longer career trajectory than they want. Most of them would like to retire at 61, Schwab’s report finds, compared to millennials who expect to retire at 64, Gen Xers at 65, and boomers at 68. It’s likely not a good sign for the youngest generation that boomers are finding that as they live longer, they’re more likely to work longer to cover their expenses.

“We’ve seen a bounce back in people returning to the workforce since the initial wave of pandemic resignations, mainly for economic reasons,” Andrew Schwedel, partner at Bain & Company, told Fortune. “In addition to increased inflation and a tapering of stimulus programs, people also have a need for greater income as they live longer.”

It’s the great retirement journey, Charlie Brown.

Credit: Source link

ShareTweetSendSharePin
Previous Post

You can now generate AI images directly in the Google Search bar

Next Post

The best air fryers for 2023

Related Posts

The ‘Viking Code’ leadership of Nicolai Tangen, a wealth fund CEO unafraid to lock horns with Elon Musk
Business

The ‘Viking Code’ leadership of Nicolai Tangen, a wealth fund CEO unafraid to lock horns with Elon Musk

August 24, 2024
Meta blocked an Iranian hacking network posing as tech support from Microsoft and Google
Business

Meta blocked an Iranian hacking network posing as tech support from Microsoft and Google

August 24, 2024
How to watch, stream week four of the NFL preseason football games live online free without cable: Fox, CBS, NBC, ESPN
Business

How to watch, stream week four of the NFL preseason football games live online free without cable: Fox, CBS, NBC, ESPN

August 24, 2024
Mortgage rates are getting closer to the magic number
Business

Mortgage rates are getting closer to the magic number

August 23, 2024
Jerome Powell signals ‘the time has come’ to cut U.S. interest rates in September
Business

Jerome Powell signals ‘the time has come’ to cut U.S. interest rates in September

August 23, 2024
Millennial U.K. lawyers are getting a k bonus for referring their friends
Business

Millennial U.K. lawyers are getting a $50k bonus for referring their friends

August 23, 2024
Next Post
The best air fryers for 2023

The best air fryers for 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Netflix’s new gaming boss is a former Epic Games exec

Netflix’s new gaming boss is a former Epic Games exec

July 24, 2024
Here’s where rent concessions are happening the most in the U.S.

Here’s where rent concessions are happening the most in the U.S.

August 14, 2024
USDA acknowledges years of discrimination with  billion in payments to Black and minority farmers

USDA acknowledges years of discrimination with $2 billion in payments to Black and minority farmers

August 1, 2024
The Google TV Streamer is a replacement for the Chromecast line

The Google TV Streamer is a replacement for the Chromecast line

August 6, 2024
Tump pulls out of ABC presidential debate with Harris and seeks Fox News face-off

Tump pulls out of ABC presidential debate with Harris and seeks Fox News face-off

August 4, 2024
Mets’ Tyrone Taylor makes Carlos Mendoza look like ‘genius’

Mets’ Tyrone Taylor makes Carlos Mendoza look like ‘genius’

August 6, 2024
Here are the top 5 European destinations for Americans heading abroad this summer, but rising costs are putting travel out of reach for many

Here are the top 5 European destinations for Americans heading abroad this summer, but rising costs are putting travel out of reach for many

July 31, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Mets take brutal loss to Padres as Paul Blackburn exits with injury
  • The ‘Viking Code’ leadership of Nicolai Tangen, a wealth fund CEO unafraid to lock horns with Elon Musk
  • Carlos Rodon throws latest Yankees gem in blanking of Rockies
  • Meta blocked an Iranian hacking network posing as tech support from Microsoft and Google

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In