When Do Most Americans Start Saving for Retirement?
The majority of Americans who started saving for retirement did so before the age of 30, found a study from Comet Financial Intelligence. In their survey, Comet asked over 1,200 Americans what ages they were at when they experience financial milestones.
The survey found Millennials who hadn’t started saving for retirement yet hope to begin at around 34 years of age, while Gen Xers planned to get started before they turn 48. Millennials have the highest percentage of student loan debt among other generations. 44 percent of Millennials have not paid back their student loans, as compared to 31 percent of Gen Xers and and 60 percent of Baby Boomers. The expected payoff age for Millennials is 36.7, Gen Xers is 50.3 and Baby Boomers is 70.5.
When it comes to those who have started saving for retirement, women were more likely than men to say they are happy about it, while men were more likely to express pride.