I’ve been tracking millennial savings and retirement trends closely for many years now, so it was exciting when TD Ameritrade published findings from their survey on these important topics.
While combing through my data, I was shocked to discover the following finding:
“Millennials reported an expected retirement age of 56 (millennial men anticipate retiring earlier at 53 on average).”
Excellent! I am passionately drawn to the idea of early retirement (and may make it my goal in not too distant future). And it appears I am far from alone in my enthusiasm – until…
“On average, they expressed no plans to begin saving for retirement until age 36.”
That can be problematic; investment compounding takes time to work its magic. Starting to save for retirement at age 25 rather than 35 will cut your nest egg in half, as shown by this example of $10,000 saved annually at 6.5% interest.
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