For 20-somethings, retirement may be further away than they realize
If you’re in your 20s and you haven’t thought seriously about retirement, you’re not alone. But chances are, retirement is farther off than you’re planning for, anyway.
The international insurer Aegon asked young people ages 20-29 when they planned to retire. The average age was 63 — the same as it is for older workers now. But, as we’ve covered extensively on the NewsHour, today’s baby boomers are increasingly working much longer — in part, because they can; in part, because they have to.
In Aegon’s survey, only a quarter of young people said they always save for retirement. Given the proliferation of unpaid internships, high unemployment and skyrocketing higher education costs, Aegon notes, you can’t really blame them.