The millennial age group certainly like to do things a lot different than previous generations! They’re constantly looking for new ways to do it faster, stronger, and better than ever. They’ve changed the way we do business, interact with each other, and now retirement. In the mind of millennials, how we think about retirement needs to be rebooted.
The way we think about our golden years is outdated. Not only do they hope to retire sooner, but they also don’t fully see themselves retiring in the traditional sense. Millennials also don’t want to wait to the end of their life to enjoy time off. Bankrate put out a new survey that says the ideal retirement age for this generation is 61, but even then, it’s not what you think.
Millennial Retirement Fluidity
Millennials don’t see retirement as a single stopping point. As with a lot of other things, they want a fluid lifestyle. Rather than waiting until the end to enjoy life, deferring real pleasure until later after a certain age, why not enjoy it now? Later on, benefits are not guaranteed. Millennials have more opportunities than any other generation before them.
How is this possible? The internet. Many millennials are becoming entrepreneurs and starting their own business. They make videos and covet going viral. They work hard at developing a presence that almost guarantees success if they keep trying. And it’s paying off. Need to pay some bills while living as a stay-at-home parent? There’s an app for that.
This new type of lifestyle is incredibly different than what our parents and grandparents had to do. They couldn’t just log online and clock in, working from a computer at home. They had to sell products door-to-door rather than to a Facebook group. Millennials definitely see the world differently than the rest of us. It’s full of opportunity.
Millennials Aren’t Poor
There’s a massive perception out there that millennials are poor. Even on this website, we’ve revealed that many young adults are still living at home. They struggle to pay back student loan debt. Even the Federal Reserve blames millennials for the destruction of once prominent industries. But, a new study has revealed this to be untrue.
It was found that the median income of people aged 22-35 is $70,000 per year. That means half of all millennials make more than that. That doesn’t discount the plight of millions of them in the lower bracket who are struggling to get by. Yet, this median income is a new record, reveal that there are plenty of young people making good money.
These opportunities create a change in both lifestyles and retirement goals. If you’re making $150,000 per year from your laptop, what’s to stop you from traveling the world for a year? Millennials are enjoying the chance to make new experiential purchases. They pursue passion projects and engage in activism.
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A new Bank of America survey is also revealing a different picture of millennial life. 16% of young adults have $100,000 or more in savings. How do you make that much money before you’re 35? They know how to play the game and play it well. They know time is on their side and they have decades to collect on compound interest.
This is the other side of the story for millennials. Maybe the rest of us should be paying attention!
