30 Percent of Gen Zers and Millennials Say Retirement Age Should Be 60 or Younger

According to a new survey of attitudes toward careers and retirement, 51 percent of millennials and Gen Zers surveyed say they want to lower the retirement age. Of that group, 59 percent say the retirement age should be adjusted to age 60 or younger. This equates to 30 percent of all survey respondents. The survey was commissioned by ResumeBuilder.com, a resource for professional resume templates and career advice. It also shares insight into fears surrounding the availability of social security funds.

Respondents’ main reasons for lowering the retirement age include opening up job opportunities for younger workers and removing older workers from positions of power. Through write-in responses, millennials and Gen Zers also expressed sympathy for older workers, citing how they are unable to spend time with their loved ones or enjoy ‘the benefits of their hard-earned money.’

“I’m not surprised that the majority of Gen Zers and millennials support lowering the retirement age,” says Julia Toothacre, Resume and Career Strategist at ResumeBuilder.com. “Gen Z and millennials tend to focus more on balance and enjoying life than working.

“I’ve seen millennial values shift throughout the years from being focused on work and promotions to now being more focused on family and having time to live their lives. With Gen Z, I’ve seen the need for balance start much earlier, so it makes sense that they would also be in favor of lowering the social security age,” Toothacre says.

Despite the sizable number of respondents who are in favor of lowering the retirement age, 41 percent believe it is ‘somewhat’ or ‘very unlikely’ that social security funds will still be available for them when they retire. However, two-thirds of respondents say they are still ‘somewhat’ or ‘very much’ counting on social security to be available to them. Additionally, 3 in 4 millennials and Gen Zers ‘somewhat’ or ‘strongly agree’ that wealthy individuals should not be able to receive social security payments.

This online poll was commissioned by ResumeBuilder.com and conducted on SurveyMonkey Audience starting August 31, 2023. Respondents consist of a national sample that was randomly selected from a United States panel and balanced according to United States census data for age, gender, and region. Overall, 702 respondents between the ages of 18 and 43 completed the survey. To view the complete report, please visit: https://www.resumebuilder.com/30-of-gen-zers-and-millennials-say-retirement-age-should-be-lowered-to-60-or-younger/.