Target Retirement Ages and Average Savings: Gen Z to Boomer

Retirement might feel far off for millions of U.S. employees, but it’s never too soon to think about your golden years — and how much money you’ll need to live them well.

The average age to retire for U.S. workers is 62, according to a 2024 Mass Mutual study, and many Americans consider $1.46 million the minimum for a comfortable retirement, per a Northwestern Mutual report.

Naturally, professionals of different generations hold varying views on retirement savings goals and the ideal age to leave the workforce for good.

Related: Americans in These 5 U.S. States Might Fare the Worst in Retirement. How Do Your Numbers Compare?

Charles Schwab’s annual survey of 401(k) participants, which compiled data from 1,100 U.S. workers, gives insight into retirement confidence, income needs, investment trends, savings habits and more in 2025.

Only one-third of respondents report feeling “very likely” to achieve their retirement savings goal — with Gen Z emerging as the most optimistic group.

Across generations, respondents cite inflation as the primary obstacle hindering their ability to save for retirement (57%). Monthly expenses (38%), stock market volatility (33%), unexpected costs (32%), credit card debt (26%) and medical bills (23%) are the other most common challenges, per the report.

Related: How Much Money Do You Need to Retire Comfortably in Your State? Here’s the Breakdown.

Schwab’s survey reveals that the average expected retirement age in 2025 is 66 years old, but those averages vary within each generational group: Gen Z expects to retire at age 62, Millennials at age 65, Gen X at age 66 and Boomers at age 69.

This year, participants say they’d need somewhat less money saved for retirement than they did in 2024: $1.6 million instead of $1.8 million. Additionally, respondents, on average, expect those retirement savings to last for 22 years compared with 23 years in 2024.

“Inflation and market volatility remain top of mind, which can make it difficult to develop a long-term retirement strategy,” Lee McAdoo, managing director, Schwab Retirement Plan Services, said. “It’s encouraging to see that most savers are prioritizing consistency in terms of their contribution rates and are largely avoiding dipping into their retirement savings — a positive sign that they are focused on their futures.”

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