Millennials want to retire when they’re 61, but they’re way off track. Bankrate.com asked 18-37-year-olds their ideal age for financial milestones and found that they want to retire at 61—but Nerdwallet estimates that 72 is a lot more realistic. And 72 is only assured if they nearly double their average current investing from the 7.5% of their income it is now, according to Fidelity, to 15%. Many are struggling to pay off loans first but a Bankrate analyst believes that “It is definitely possible to pay off your debt and save for the future at the same time.” (Moneyish, CNBC)
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