Question of the Day: What percent of young people say they want to retire as a millionaire and what percent are confident they can do it?
How many young people are setting ambitious retirement goals, and how many feel they're attainable?
- Around 30% of young people (age 18-42) say they want to retire as a millionaire.
- Around 60% say they’re confident they’ll reach their goal.
- How important is it to you to have a goal for retirement even though it’s something that will happen so far into the future?
- Do you think it’s important to have a million dollars saved for retirement? Explain why or why not.
- Brainstorm some obstacles that would make putting money away for retirement difficult.
- Now brainstorm some habits or behavior changes you could adopt to help make putting money away for retirement easier.
Behind the numbers (CNBC):
"Young Americans are setting lofty retirement goals — and they’re confident that they’ll reach them.
A little over a third of both Gen Zers and millennials say they would need more than $1 million saved up in order to retire comfortably, according to a September survey from Bankrate, which surveyed 2,527 working adults in the U.S. over age 18. Bankrate defines Gen Zers as Americans ages 18 to 26 and millennials as those 27 to 42.
It might sound like a huge number to someone in their 20s or 30s, but retirement millionaire status is becoming more common. The number of people with over $1 million in their 401(k)s is nearly 30% higher in the second quarter of 2023, compared with that period last year, according to Fidelity data provided to CNBC Make It."
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