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Friday, February 3, 2023

American youth planning to get retired early, increasing savings for old-age

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The youth are changing their minds when it comes to retirement and work; they are planning to get retired as early as 15 years in comparison to the age their parents retired in. And for this, they are increasing their income and savings, so that they can pay better attention towards work-life balance, and their old-age is peaceful.

Such beliefs of the youth have come out through the recent Retirement Insights Survey 2022, conducted by TIAA. 31% of people aged between 30 and 39 are planning their retirements, out of whom youth aged between 25 and 29 are the most confident. It is noteworthy that among 40% of them, the scale of self-confidence was really high. People who were born between 1981 and 1996, have gone through the ravages of COVID-19 and recession, due to which, they have developed a habit of saving money.

At the same time, traditional avenues of property are also being searched for, and for the same, they are thinking to save as much as possible, along with cutting down on expenditure. Many Americans are of the opinion that they would like to get retired early, after getting financially free, so that they do not have to work for money in their old-age, and after 50, they could live their life as they like. For which, they are saving 50-60% of their salaries.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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