Generation Z has interesting views when it comes to the retirement age in the U.S., but its stance on this hot-button issue may surprise many of you.
In an exclusive poll conducted for Newsweek by Redfield & Wilton Strategies on May 17, 1,500 U.S. adults were asked whether the current retirement age of 67 was too high, too low or about right.
The results among respondents aged 18 to 24 made for intriguing reading, with 17 percent stating they felt this age was too low. By comparison, just 9 percent of 35- to 54-year-olds agreed with this sentiment, while only 5 percent of 55- to 64-year-olds concurred.
There was some support among millennials aged 25 to 34, with 15 percent in agreement that it was too low. However, a greater proportion of this age bracket (55 percent) felt the current retirement age was too high.
Just 38 percent of Gen Z respondents agreed, though. This was in stark contrast to the response garnered in every other age group, with well over 50 percent of those aged 35 to 64 stating that the current age was too high.
Across all age brackets, 33 percent felt the current retirement age in the U.S. was about right.
There has certainly been a shift in the age when most people retire in America as a Gallup poll conducted in July 2022 found that U.S. workers are retiring later in life than they did three decades ago. In 1991, the average age of a retiree was 57, but as of 2022 it had risen to 61.
In France, the national retirement age was raised from 62 to 64 in a move that was met with anger and protests across the country.
It has been suggested that America would likely face similar unrest if attempts were made to move the age for retiring above 67.
However, with forecasts warning Social Security trust funds are set to be depleted by 2033, which could put U.S. pension payouts at risk, the prospect of people having to retire later in life remains a possibility.
This atmosphere of uncertainty comes at a time when many Americans are struggling to save for the future.
In 2022, a survey conducted by consumer financial services company Bankrate found 55 percent of respondents felt their retirement savings were not where they needed to be.
Close to 35 percent said they were “significantly behind” on their savings goals, while a further 20 percent were “somewhat behind” the targets they had set themselves at the start of the year.
Given the economic climate around them, it is feasible to think that Generation Z is expecting the retirement age will eventually be raised purely out of necessity.