Retired people in the US start planning for retirement at age 42, on average

The average retiree today began preparing for retirement at a late age, according to data found in a survey of nearly 4,500 adults conducted by New York Life.

On average, retirees say they started planning for retirement at 42 years old. Almost half of those retirees regret that late decision, according to the survey results.

In fact, 46% say that I wish I had started preparing for retirement at a younger age. On average, these people wish they had started preparing when they were 30 years old.

The good news is that younger workers may be learning, at least a little, from the mistakes of older generations.

And it is worth noting that the survey found that, among those who have not yet retired but are now preparing for retirement, retirement planning began at an average age of 34 years. Those eight extra years of retirement preparation can make a big difference, particularly in terms of how much your savings could grow by the time you retire.

In fact, millennials and members of Generation Z are starting to prepare for retirement at a much earlier age than members of other generations who are still working.

Among those who have not yet retired but have begun the retirement planning process, the survey found that, on average, millennials began preparing for retirement when they were around 29 years, while the members of Generation Z began to prepare for between the 22 and the 23 years.

That compares favorably with baby boomers and Generation X , generations whose members who still work responded that they began to prepare on average at 43 and 37 years, respectively.

Still, the percentage of workers overall who have started preparing for retirement remains relatively small, with 24% planning for retirement. retirement and a 22% that has it as a main priority.