Younger generations think they’ll need between $1.5 million and $1.74 million each in savings to retire, according to new research from ING. This contrasts to the savings required for a comfortable retirement according to the ASFA Retirement Standard, which is currently $545,000 for a single person or $640,000 for a couple.
The research also found differences between people in the generations wanted to retire and when they thought they would be able to retire. Gen X wanted to retire at 63, but didn’t think they’d be financially ready to retire until 72. Gen Y wants to retire at 61, but expects to be able to do so at 68. Gen Z wants to retire at 62 and expects to be able at 65.