Gen Z workers plan on retiring by age 59 according to a recent study — here’s how much to save each month to reach $2 million by then
Earning a 4% annual rate of return:Annual salary needed if you save 15% of your income: $184,107Annual salary needed if you save 10% of your income: $180,407$949.40 per monthAnnual salary needed if you save 15% of your income: $75,956Annual salary needed if you save 10% of your income: $366,336$2,140.
Although the majority of both Gen Zers and millennials are confident in their ability to achieve long-term financial security, nearly 75% of each age demographic admit that their financial planning needs improvement, according to Northwestern Mutual's survey.Almost 30% of Gen Z respondents say they didn't have a financial advisor before 2022, but plan to work with one or have already begun working with one, Northwestern Mutual reports. Nearly 25% of millennials said the same.
Additionally, 70% of Gen Zers say they were able to build up their savings during the Covid-19 pandemic — the highest percentage across all age groups, according to the survey. "It's encouraging to see the youngest generation of adults showing an inclination to plan and holding themselves to a high bar," Christian Mitchell, executive vice president and chief customer officer at Northwestern Mutual, said in a press release.
"Developing a plan isn't just the first step toward achieving your long-germ goals, it's also what allows you to enjoy your life more along the way."
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