New data from Northwestern Mutual’s 2022 Planning & Progress Study found Americans between the ages of 18 and 25 – Generation Z – hope to retire at about age 59, many years earlier than the generations ahead of them. By comparison, millennials expect to retire at age 61, Gen X at age 65 and Boomers at 71.

“It’s worth noting that the goal of retiring at 59 is ambitious,” says Josh Dorfman, financial advisor for Northwestern Mutual’s D.C. office. “That said, Gen Z has shown some pretty clear signals that they’re diligent and disciplined, so setting an ambitious goal is great.”

For example, members of Gen Z were the most likely to build savings during the pandemic, the report found. The research indicated 70% of Gen Z adults reported higher savings during COVID-19, compared with 61% of millennials, 50% of Gen X and 62% of baby boomers.

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