"What they don't realize is that most of the ages they attach to those goals don't exist. A recent survey from found that the average age Americans think you should land your dream job is at 29, buy your first home at 30, and earn six figures by 35. They also reckon you should be debt-free at 41 and ready to retire at 58-but they're in for a shock, that's 6 years earlier than the national average age of retirement."
"Despite Americans' optimism, no longer are the days of getting a home on a single income. Gen Z are stuck kicking it with their parents due to skyrocketing living prices, workers are facing a frozen white collar job market with stagnant wages, household debt is at an all-time high amid rising interest rates, and people are draining out their 401(k)s like bank accounts."
Americans commonly assign ages to milestones: land a dream job by 29, buy a first home by 30, earn six figures by 35, be debt-free by 41, and retire by 58. The national average retirement age is about 64. The average first-time homebuyer is 38. The average full-time worker earns about $62,500 annually, and only 18% make more than $100,000. The average person changes jobs 12 times between ages 18 and 56. Rising housing costs, stagnant wages, high household debt, rising interest rates, and frequent 401(k) withdrawals delay financial independence for many younger adults.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]