Over a Quarter of U.S. Millennial Workers Anticipate Retiring at 60 or Beyond

Millennials, the ones born between '81 and '96, are setting ambitious retirement goals. Over a quarter of them believe they'll be chilling for 30 years or more, while almost 40% imagine their golden years stretching all the way to 90 or older! This surprising revelation comes from a recent study by TIAA and the Global Financial Literacy Excellence Center.

Interestingly, 20 years seems to be the median anticipated retirement duration among all workers in the U.S., according to the same study. Half of the respondents, irrespective of their generation, expect to spend at least 20 years in retirement. Only a mere 15% predict a retirement of fewer than 10 years.

Financial advisors stress the importance of estimating your lifespan accurately when planning for retirement. Given that millennials seem to think their retirement will last 30 years or more, they need to ensure they've got the savings to last that long. Otherwise, they could end up in a pickle - outliving their savings!

Fear of running out of money before running out of time is widespread, with about three-quarters of respondents expressing this fear in a March Nationwide survey.

A Longer Ladder for Ladies

It's not just the men who are looking at a long retirement. Women, it appears, anticipate longer retirement periods than their male counterparts. 54% of female workers, as opposed to 48% of men, envision their retirement lasting at least 20 years. Interestingly, respondents consider factors like personal health, family history, and general knowledge about the average lifespan in the U.S. for their responses. However, the study also points out that many people are not aware of the actual average lifespan in the U.S., which is around 78 (as per data from the National Center for Health Statistics).

Planning for the Long Haul

Given these extended retirement horizons, traditional savings models might need an upgrade. Longer retirements require larger savings to cover living expenses and healthcare costs. As a result, 25-40 year post-work periods are no longer unheard of.

While optimism about longevity is rising among millennials, challenges persist. Debt burdens, gender disparities, and a lack of knowledge about the average lifespan are just some of the hurdles these youngsters have to face.

Yet, many are choosing to adopt proactive measures. Early savings starts, hybrid retirement models, and self-reliance in financial planning are becoming popular trends. Millennials are evidently gearing up for a long and prosperous retirement!

For millennials aiming for a 30-year retirement, it's crucial to consider longer-term investment strategies like ICOs for token trading, as these could potentially provide increased liquidity and higher returns to ensure sufficient wealth-management for the duration.
As personal finance becomes more important for millennials, many are exploring opportunities in wealth-management, such as diversified portfolios, to achieve their retirement goals.
With millennials planning to retire at an average age of 67, it's essential to discuss personal finance matters and wealth-management strategies with a financial advisor early on, to ensure a comfortable retirement and avoid the fear of outliving one's savings.
In light of women's longer-anticipated retirement periods, it's necessary to encourage discussions on personal finance and wealth-management among millennial females, to equip them with the tools they need for a prosperous and secure retirement.
Traditional retirement models may not suffice for millennials targeting a 30-year retirement, necessitating a shift towards hybrid retirement options that balance short-term spending needs with long-term savings and wealth management.
By focusing on personal finance education, millennials can minimize their debt burdens, better understand their average lifespan, and make informed decisions about ICOs, trading, and other financial investments to secure their retirement and achieve financial prosperity.