Some Millennials are planning to retire early. 

Some Millennials are planning to retire early. According to a Northwestern Mutual study, 15% of Millennials expect to retire early because of the pandemic. While millions in the U.S. have been financially impacted by COVID, some “fortunate” employees have been able to save money and begin planning for an early retirement. Millennials are almost “twice as likely” to be thinking about early retirement as Gen Z and almost “three times” as likely” as Gen X. One of the reasons behind Millennials’ early planning is due to them “reimagining what their life is going to look like.” Many of them, who transitioned to remote work during lockdowns, “ditched” pricey apartments in expensive cities and moved to cheaper, rural areas. The combination of factors has allowed some Millennials to “reevaluate their lifestyle and their savings” making them more ambitious about “how far their money can take them.” YPulse’s personal finances and services report found that 46% of 20-38-year-olds are saving for retirement, while 56% think they’ll be able to save enough money for retirement. (Grow)