GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
Knowing the potential changes can help millennials plan accordingly and assess their options.
Preparing now will provide more possibilities.
Here are someways retirement may be different for millennials.
However, fertility rates have been below replacement levels for over a decade.
That means that as millennials age, there will likely befewer young workersto replace them when they retire.
Fewer workers supporting a growing retired population could put more pressure on Social Security and force significant changes.
Some retirees have even returned to work after several years to make ends meet.
Side hustles can make working longer easier by providing more flexible, part-time employment options.
According to HousingWire,most baby boomerswere able to buy their first homes between ages 25 and 34.
As a result, families may opt to live together rather than use assisted care.
SeniorLiving.org reports that some assisted living facilities charge more than $5,000 per month.
Multigenerational households have been increasing in recent years.
A study by Lombardo Homes found that approximately 55% of Americans live in multigenerational homes.
Rising costs and a growing number of young adults remaining single may accelerate this trend.
Overall, millennials face unique challenges when it comes to retirement planning.
Understanding these trends now can help millennials make informed decisions about their futures.
More From GOBankingRates
Share This Article:
