How Millennials are Changing the Conversation About Retirement
March 24, 2022
Millennials have been at the forefront of change for several decades now. This generation is indeed one of the most motivated and innovative, so it’s no surprise that many of its members are reshaping how we imagine retirement. The millennial retirement strategy has shifted focus away from the pursuit of leisure and towards an ideal of freedom. Are millennials worried about retirement — and more importantly, are millennials prepared for retirement? Read on to learn more about the millennial mindset.
The FIRE Method
If there’s one thing millennials care about, it’s early retirement. Many young people have watched their parents work their whole lives only to enjoy a decade or two of retirement — and as the average age of retirement continues to be pushed back, this problem seems poised to worsen. This has inspired a movement among millennials who want to reverse the trend. It’s called FIRE, and it’s an acronym for Financial Independence Retire Early. Proponents aim to save at least half of their income to retire as soon as possible.
Reimagine Retirement
The idea of retirement itself is shifting substantially as millennials get older. The aforementioned stereotype of reclining and vacationing simply isn’t the goal anymore. Millennials aren’t necessarily pursuing retirement with the intent to stop working altogether. They’re pursuing retirement with the intent to spend more time doing what they love. Rather than working full-time, many millennials will retire but continue working part-time. This is a departure from the traditional idea of retirement.,
Don’t Settle Down
Yet another important aspect of millennials’ retirement ideals is the focus on travel and exploration. Older generations often imagined retirement spent at home with their family, but many millennials would rather craft a retirement strategy that allows them to explore the world. This isn’t surprising, given the fact that international travel is often financially out of reach for millennials in their 20s and 30s. Retirement may offer the opportunity to see the world that they’ve been waiting for their whole lives.
Enjoying Freedom
Ultimately, millennials are approaching retirement with a newfound focus on freedom. While older generations may have prioritized a specific kind of retirement experience, millennials know that it’s not a one-size-fits-all objective. To this end, they’re exploring every available option for developing their savings and planning their future. Millennials’ retirement story might not look like the retirement of their parents and grandparents, but they’re determined to make the most of it by traveling, exploring, and enjoying their freedom.
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