Are Millennials and Gen Z Saving Enough for Early Retirement?

The generation that prizes work-life balance also dreams of retiring early. Millennials said in a recent survey they plan to stop working by age 61.3. Gen Z also dreams of retiring by 60. That could mean spending about 25 years in retirement — not to mention funding health care for a handful of years before Medicare kicks in.

There is some good news. Just a few years ago, various studies found millennials were behind in retirement savings. Now, it looks like they’re catching up and even surpassing some other generations. Only time — and compounding returns — will tell if their strategy is successful. 

For more on how millennials are embracing saving for retirement, read Money reporter Adam Hardy’s story.

— Jill Cornfield, deputy editor

More proof that millennials are crushing retirement saving. In a survey by the investment manager Natixis, millennials reported stashing, on average, a decent 16.3% of salary for their retirement.

Here’s how much other generations are saving for the future:

• Gen X: 9.7%
• Boomers: 9.5%

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