Although baby boomers (born 1946 to 1964) and perhaps even members of Generation X (born 1965 to 1980) are the focus for long-term care providers and investors these days, millennials (born 1982 to 1991) are thinking ahead, and they have different retirement goals from their parents, according to the results of Charles Schwab’s new “Retirement Reimagined” study.
The study’s predictions are based on a survey of 5,000 Americans, an analysis of Schwab data alongside third-party macroeconomic data and modeling techniques that group generations to forecast future attitudes.
“Millennials think of retirement less as a target savings number and date and more like a state of mind or target lifestyle,” said Jonathan Craig, managing director and head of investor services and marketing at Charles Schwab.
Millennials started saving for retirement a decade earlier than boomers, according to Schwab. But baby boomers and Gen Xers are expected to continue “accumulating wealth” during their retirement years, whereas millennials will be more likely to use their retirement savings “to achieve their dream lifestyle and pursue their passions along the way and once in retirement,” the firm said. Although the majority of baby boomers and Gen Xers (75%) said they expect to “enjoy stability” in retirement, the next generation is focused more on traveling in their later years (61%) rather than setting home ownership as a retirement goal (48%).
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