Most Millennials Who Want to Retire by Age 61 Have No Savings Millennials are classified as <br />Americans between the ages of 18 to 37. A recent Bankrate.com <br />survey asked them what <br />the perfect retirement age would be. <br />Their answer was 61 years old. According to a recent report by the <br />National Institute on Retirement Security, approximately two-thirds of <br />millennials have no money saved. The millennials who are saving <br />have a median retirement <br />account balance of about $19,100. According to Nerdwallet, a more realistic retirement age for millennials is 72 if they budget wisely. If you want to retire early, <br />up your 401(k) or IRA <br />contributions. The suggested <br />rate is 15 percent of your income. Unfortunately, millennials are only contributing about 7.5 percent of their income to savings, according to Fidelity. In an extra effort to save more, <br />consider tracking your spending, <br />cooking at home more often <br />or living in a cheaper home.
