The current full retirement age is 67 years old for people attaining age 62 in 2025. (The age for Medicare eligibility remains at 65.) Refer to Benefits By Year Of Birth for more information.
The Age when Americans Expect To Retire
But they all have similar expectations about when they'll retire. That hasn't really changed. This is pretty consistent across generations. The survey revealed that millennials, Gen X, and Gen Z all believe the “normal” retirement age is 67 to 68.
Generation X – born 1965-1979. Millennials – born 1980-1994. Generation Z – born 1995-2012. Gen Alpha – born 2013 – 2025.
In a 2022 report, the U.S. Census designates Generation Z as "the youngest generation with adult members (born 1997 to 2013)." Statistics Canada used 1997 to 2012, citing Pew Research Center, in a 2022 publication analyzing their 2021 census.
The Pew Research Center defines millennials as the people born from 1981 to 1996, choosing these dates for "key political, economic and social factors", including the 11 September terrorist attacks, the 2003 invasion of Iraq, Great Recession, and Internet explosion.
They're now expected, on average, to live to 79. This average life expectancy is expected to further lengthen as time passes. The members of Generation Z, the oldest of which are now in their 20s, on average are expected to live to 100 and beyond.
Between 2024 and 2030, 30.4 million Americans will turn age 65. These Peak Boomers represent the youngest, largest, and final cohort of the Baby Boomer generation. 2024 marks the greatest surge of retirement age Americans in U.S. history.
According to the Wealthcare Financial report, Gen Z and millennials should have $500,000 in retirement savings by age 25, $1 million by age 40, $2 million by age 50 and $3 million by age 60. If you're currently off pace, there are some steps you can take to catch up.
The $1,000 per month rule is designed to help you estimate the amount of savings required to generate a steady monthly income during retirement. According to this rule, for every $240,000 you save, you can withdraw $1,000 per month if you stick to a 5% annual withdrawal rate.
Many of the theories online veer into the conspiratorial: One woman suggested that Gen Z looks older because the quality of food is getting worse, which results in faster wrinkles; another claimed that it's because food is getting better, and because millennials ate food with more preservatives in it than Gen Z, ...
Generation Z refers to people born between 1996 and 2010. They're the second-youngest generation, between millennials and Generation Alpha. Gen Z identity has been shaped by the digital age, climate anxiety, a shifting financial landscape, and COVID-19.
Generation Z was born between 1997 and 2012 after the Millennial generation and before Generation Alpha. The oldest of this generation are reaching their late 20s in 2024. Many of them are out of college, getting married, and starting families. The youngest may be as young as 12.
The “2030 problem” involves the challenge of assuring that sufficient resources and an effective service system are available in thirty years, when the elderly population is twice what it is today.
Every day in the United States, 10,000 people turn 65, and the number of older adults will more than double over the next several decades and represent over 20 percent of the population by 2050.
The median retirement savings of baby boomers is $202,000. Forty-three percent of 55- to 64-year-olds had no retirement savings at all in 2022, according to the Federal Reserve Board.
In fact, a growing number of Gen Zers say they don't expect to ever retire – at least in the traditional sense. Major steps in Gen Z's financial future, from paying for school to paying a mortgage, are increasingly feeling out of reach, making retirement seem like a lower priority, the report notes.
It is a known fact that lifespan increases with each generation. For baby boomers, the average life expectancy is 70 years, for Gen X its 85, and newer generations like Gen Z and Alpha will likely exceed the 100-year mark.
This forecasted trend is based on how rates of type 2 diabetes have increased among young people in the past 20 years, including both Gen Z and millennials. This is closely linked to rates of childhood obesity and obesity. More than half of Gen Z adults – about 56% of Americans ages 18 to 25 – are overweight or obese.
We're talking about Generation Alpha, the children of Generation Y, and often the younger siblings of Generation Z. Simply put, Generation Alpha are defined as those born from 2010-2024.
Generation Z, also sometimes known as iGeneration, Zoomers, post-Millennials, or Homelanders, are defined by Pew Research Center as those born between 1997 and 2012. This generation is often thought of as "digital natives" or "born digital" because the internet has always been a part of their lives.
While the dates are still a bit up in the air (some argue that the oldest Zoomers were born in 1995), the Pew Research Center defines members of Gen Z as anyone born between 1997 and 2012. That means the group spans ages 13 to 28 as of 2025.