A JP Morgan survey found that millenials are starting to save sooner than their baby boomer counterparts and they want to retire sooner too. However, the current state of financial markets among other factors makes the goal of retiring by age 60 almost impossible for the average person.
Key Takeaways:
- Social security benefits do not kick in at age 60 so that will be one less source of income you can count on in the early years of your retirement.
- You would have to have phenomenal pay and little to no expenses for your standard of living both before and after retirement to retire at age 60 or younger.
- It's good to have retirement goals but be realistic about your lifestyle, your income, and your retirement age.
Read more here: http://finance.yahoo.com/news/millennials-told-jpmorgan-want-retire-133327510.html
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