Survey Asks Americans Their Money Milestones

Americans are not all that realistic when it comes to financial milestones

A lot of coins in a jar in the concept of saving money and finance.Selection focus. — Source: Parichat Chaichakkham / Getty

A new survey from a retirement services provider shows Americans are not all that realistic when it comes to financial milestones. Empower asked nearly one-thousand Americans to set target ages for six life milestones: retirement saving, landing a dream job, earning six figures, buying a home, becoming debt-free and retiring. Most people said the age to start saving for retirement is 27 and landing your dream job should happen at 29. Respondents said you should earn six figures by 35, buy your first home at 30, become debt-free at 41 and retire at 58. Almost half of those surveyed wished they had began saving sooner while nearly one quarter said they felt behind in reaching money milestones. Many others said they have no set timeline for reaching big financial goals.

Age to start saving for retirement: 27

If you start saving for retirement any time in your 20s, retirement planners say, you’re doing great.

“I didn’t personally start until I was 29,” said Andrew Herzog, a certified financial planner in Plano, Texas. “Now, that is absolutely one of my regrets.” In a perfect world, however, 27 might be a tad late to start saving for retirement.

“Especially if you’re entering the workforce at 16, 17, 18, you’re depriving yourself of 10 years of saving,” said Catherine Collinson, CEO of the Transamerica Center for Retirement Studies. 

The good news, Collinson said, is that younger Americans are saving for retirement early. Transamerica research shows the typical Gen Z worker started saving at 20. Millennials started at 26, Gen X at 30, boomers at 35.

Age to retire: 58

Retirement plans can change over time. Younger Americans generally aspire to retire earlier. Older Americans plan to retire later. According to a 2025 Schwab survey, the average Gen Zer expects to retire at 62, while the average Gen Xer plans to wait until 66.

“The reality is, as people get older, they realize how much they need to save,” said Collinson of Transamerica.

By most measures, retirement experts said, 58 is a little early to pack it in.

“To retire at 58, you’d need millions of dollars in a brokerage account, or very low living expenses in retirement,” said Taube of NerdWallet. “Possibly both.”