What Retirement? Gen Zers Expect to Work Past 65
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Gen Z is not banking on an early retirement — or even a traditional one.
More than a third of Gen Zers, or people who were born between 1997 and 2012, say the standard retirement age of 65 no longer feels relevant in today’s economy, according to a new survey from insurance company Nationwide. Nearly half (48%) say they plan to work beyond that age, with many pointing to the flexibility of remote work as a reason they can stay in the workforce past 65.
"With recent market volatility, it's not surprising that Gen Z savers are somewhat pessimistic about their financial futures," Kristi Martin Rodriguez, leader of the Nationwide Retirement Institute, said in a news release. "For these young people, retirement may seem like a lifetime away and feel like a very steep mountain to climb."
Those long-term doubts are rooted in immediate financial pressures that can chip away at Gen Z's ability to save. Four in 10 say they're worried about affording their monthly bills over the next year, while 46% cite paying down debt — including student loans, credit cards and other obligations — as a top financial priority.
While the burden of high-interest debt is stalling long-term planning for some Gen Zers, others are using it as motivation to make moves now. The Nationwide poll found 17% admit to spending more on non-essentials because they believe retirement may never be attainable.
The result is a generation that feels financially stretched in the short term and uncertain about the long term — a mindset that could shape how they approach work, savings and retirement planning for decades to come.
Gen Z isn't the only age group clocking in longer. Other surveys have shown that older Americans are also pushing back their retirement timelines — many into their 70s — as they grapple with how rising costs will affect their savings for retirement.
But young workers' approach to retirement is proving distinct. Just as Gen Z tends to stray from financial norms, they're fond of taking advantage of less-traditional money tools to save their cash. (Case in point: Gen Z is four times more likely to have cryptocurrencies than a retirement account.) These tools often lack the stability or long-term growth potential of more time-tested strategies — especially when it comes to retirement planning.
"As a mother of two Gen Z daughters, I've been stressing the importance of beginning to save right away so they can leverage their most powerful advantage: a long-term horizon that allows them to maximize the power of compounding interest," Rodriguez said.
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