"Generational Perspectives on Early Retirement Goals"

Despite facing financial setbacks from the dot-com bust to COVID, the average millennial expects to retire before 60, with surveys showing that many plan to retire between 51 and 60. However, they have saved only a small fraction of the $1.65 million they believe they will need for a comfortable retirement, leaving a significant "retirement gap." While millennials seem to be planning for retirement earlier than older generations, many struggle to save due to high living expenses, student loans, and economic challenges. Financial experts emphasize the need for aggressive saving and low personal expenditures to retire comfortably at 55, but the reality is that many millennials are starting much farther behind and face a retirement dilemma.