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No generation is immune fromretirementfears.
For post-millennials, retirement woes include outliving their money, high inflation, and running out of social security.
The good news is that even the oldest Gen Zers have decades to save before they quit their 9-to-5.
Here are the top 4 retirement fears for Gen Z andhow to overcome the worries.
The good news is that 77% felt they were on track to retire however they wanted.
The young generation is confident, and for good reason.
Many Zoomers, as reported in the study, hope that starting early would help them to retire early.
It is also a good idea given Gen Zers expect to need over $1.6 million to retire comfortably.
Soaring Inflation
Another concern facing Gen Zers issoaring inflation.
The generation has come of age during difficult financial times.
Facing nearly record-high inflation, Gen Zers have had an uphill battle to build wealth.
A large portion of their income goes to rent, utilities and other necessities, as opposed to savings.
Despite these hurdles, Gen Z is still putting money away.
They understand the power of compounding and are not afraid to max out their retirement contributions.
On the bright side, Gen Z is refusing to sit idly by.
Instead, the generation is eager to get the help they need to make smart money decisions.
The survey found that 43% of Zoomers plan to ask a financial professional aboutSocial Security benefits.
Homeownership is often key for retirement.
Unfortunately for Gen Z, homeownership is not so easy.
Housing nationwide has become unaffordable for the average person, including Gen Zers.
As a result of the crisis, many of this generation have opted toreturn to their childhood homes.
Foremost, the generation is ahead of the game when it comes to saving.
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