Are You on Track for Your Age? Here's When You Should Save for Retirement, Make 6 Figures and Buy a Home, According to a New Survey. Many people have a timeline in mind when it comes to hitting life's biggest financial milestones.
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- About half of Americans (45%) wish they'd saved sooner and with more consistency in order to prepare for big changes.
- Many consider retirement planning and buying a first home two of the most significant wealth-building opportunities.
There's no age limit when it comes to achieving significant financial milestones, but many people envision checking them off their list by a certain point in their lives.
Unfortunately, these days, amid high costs of living and economic uncertainty, most U.S. adults fall short of wealth-building goals: 77% say they aren't completely financially secure, according to Bankrate's Financial Freedom survey.
How old should you really be to land that dream job, start saving for retirement, earn six figures or buy your first home?
New research from Empower set out to answer those questions and explore how Americans navigate money milestones today.
Although just 17% believe people should hit financial milestones by a specific age, 44% are glad they achieved them when they did, per the report.
On average, Americans think you should start saving for retirement at 27, land your dream job at 29, buy your first home at 30 and earn six figures by 35, according to the research. Respondents also reported hoping to be debt-free at 41 and to retire at 58.
About half of Americans (45%) wish they'd saved money earlier and with more consistency in order to prepare for life's big changes, the study found.
After planning for retirement and becoming a homeowner, Americans see several life events as significant wealth-building opportunities: investing in stocks (34%), investing in education (26%), changing career paths (21%), getting married (19%) and starting a business (19%).
Nearly one-third of respondents said they realized the value of having a financial plan or working with a financial planner after meeting a life milestone.
"For all ages, it's important to talk to an advisor who can help create a tailored path specific to your financial goals and set you up for a realistic retirement lifestyle," Stacey Black, lead financial educator at Boeing Employees Credit Union (BECU), told Entrepreneur last year.
