--- title: Many Gen Z Workers Plan on Retiring Early — With $2 Million in the Bank description: In a new survey from Principal, Gen Z workers who are "super savers" plan on retiring at the age of 57, with $2 million in the bank. authors: - name: Sarah Hansen role: Senior Writer url: https://money.com/author/sarah-hansen/ bio: Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes. education: Northwestern University, New York University at_money_since: 2021 articles: 347 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes social: - https://www.linkedin.com/in/sarah-m-hansen/ former_staff: true published: '2022-09-13T13:30:34.000Z' modified: '2024-04-17T12:56:20.000Z' section: Retirement tags: - News word_count: 387 canonical: https://money.com/gen-z-retire-early-survey/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Illustration of a teenager lounging on top of a dollar bill watching the money sunset](https://img.money.com/2022/09/News-GenZ-Wants-Retire-Early.jpg?crop=0px%2C48px%2C2880px%2C1620px&quality=85) Gen Z has its sights set on an early retirement. A new survey from the financial firm Principal finds that on average, members of Gen Z who are saving aggressively for retirement expect to stop working around age 57. Roughly half of those savers (48%) expect to have nest eggs with more than $2 million by the time they retire. The survey polled more than 1,100 retirement “super saver” plan participants over the summer, 9% of whom belonged to Generation Z (those born after the mid-1990s). Of all the groups surveyed, Gen Z plans on retiring the earliest. On average, Gen Y super savers expect to retire around age 58. Gen X savers are expecting to stop working around age 63, according to Principal's survey. Principal defines a super saver as someone who saves either 15% of their income towards retirement or who saves between 90% and 100% of the IRS’s retirement contribution limit. For 2022, the [401(k) contribution limit](https://money.com/401k-contribution-limit-2022/) is $20,500. Retiring at 57 may be difficult to achieve. The average retirement age now is about 65 for men and about 62 for women, [according to](https://crr.bc.edu/wp-content/uploads/2022/07/IB_22-11.pdf) the Center for Retirement Research at Boston College, and it has risen steadily for years. Yet a serious commitment to [retirement saving](https://money.com/save-for-retirement/) is nothing new for Gen Z — even among those who aren’t considered “super savers.” At the beginning of the year, a survey from Fidelity found that the number of retirement accounts among Gen Z investors had [surged nearly 150%](https://money.com/gen-z-saving-for-retirement-increase/) over the previous 12 month, while 53% of Gen Z workers had boosted their [401(k)](https://money.com/what-is-a-401k-rollover/) contributions in 2021. Another [survey](https://www.blackrock.com/us/individual/insights/retirement/2022-read-on-retirement-survey) conducted this spring by investment giant BlackRock found that on average, Gen Z is saving 14% of their income towards retirement. That’s more than millennials, Gen X and Boomers. (Granted, members of Gen Z are probably earning less than their older counterparts, and therefore they may be saving less in terms of actual dollars, but still.) Among the Gen Z respondents of Principal’s survey, 91% said their proudest money accomplishment has been saving for retirement. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/gen-z-retire-early-survey/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "Retirement Planning", "item": "https://money.com/retirement-planning/" }, { "@type": "ListItem", "position": 4, "name": "Many Gen Z Workers Plan on Retiring Early — With $2 Million in the Bank" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/gen-z-retire-early-survey/#webpage", "url": "https://money.com/gen-z-retire-early-survey/", "name": "Many Gen Z Workers Plan on Retiring Early — With $2 Million in the Bank", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2022-09-13T13:30:34.000Z", "mainEntity": { "@id": "https://money.com/gen-z-retire-early-survey/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/gen-z-retire-early-survey/#breadcrumb" }, "dateModified": "2024-04-17T12:56:20.000Z" }, { "@type": "NewsArticle", "headline": "Many Gen Z Workers Plan on Retiring Early — With $2 Million in the Bank", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2022/09/News-GenZ-Wants-Retire-Early.jpg?crop=0px%2C48px%2C2880px%2C1620px&quality=85", "width": 1012, "height": 569, "caption": "News-GenZ-Wants-Retire-Early" } ], "author": [ { "@type": "Person", "name": "Sarah Hansen", "url": "https://money.com/author/sarah-hansen/", "@id": "https://money.com/author/sarah-hansen/#author", "description": "Sarah Hansen is a senior writer at Money covering all things personal finance. 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