I have been keeping tabs on millennial savings and retirement trends, so it was exciting for me when TD Ameritrade released findings from a new survey of millennials on these important subjects.
As I was going through the data, I was shocked to discover the following discovery:
“Millennials reported an average retirement age of 56 for themselves; men should plan to retire even earlier at 53.”
Great article! I love the concept of early retirement (and may become one myself in not too distant future). And it appears I am far from alone in my enthusiasm… But then, as I read on…
On average, respondents said they don’t plan to start saving for retirement until age 36.”
Compound interest works only over time and starting your retirement savings early can have dire results, as evidenced by this example of $10,000 saved every year at 6.5% return.
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