Gen Z Plans On Retiring Early, There Might Be A Key Reason Why

A new study shows that Gen Z workers are ready to exit the workforce before the age of 65, but that goal might come with an added cost.

What Happened: Most of Gen Z — defined as people born between the years of 1997 and 2012 — want to retire earlier than other U.S. adults, a new Morning Consult study shows.

These workers are currently between the ages of 11 and 26. When asked if they would retire by the age of 65 or younger, 60% of Gen Z workers said yes. That’s higher than the 50% of all U.S. adults surveyed.

Thirty-five percent of Gen Z workers said they would retire by the age of 60 or earlier in the survey, compared to only 26% of all U.S. adults.

However, being able to retire early might come as a result of Gen Z’s working part-time into their retirement.

When asked if a retiree would leave the workforce entirely, only 28% of Gen Z workers said yes, compared to 35% of all U.S. adults.

Thirty-one percent of Gen Z workers said they would leave the workforce partially upon retirement, compared to 30% of all U.S. adults.

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Why It's Important: Gen Z workers grew up in the age of the internet, e-commerce and the gig economy.

A separate Morning Consult study found that Gen Z workers were less engaged when working and might be more apt to leave a job.

The growth of side hustles and the gig economy has allowed workers to be more flexible with having several part-time jobs instead of a full-time job or being able to create content online and work part-time for example.

Based on the results of the survey, Gen Z workers seem content with working part-time during retirement if it means they can retire earlier than expected.

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