52% of Millennials Expect to Work Past 60 as Career Gaps Disrupt Retirement Plans
Updated
Updated · PLANADVISER · Jul 22
52% of Millennials Expect to Work Past 60 as Career Gaps Disrupt Retirement Plans
2 articles · Updated · PLANADVISER · Jul 22
Summary
Half of Millennials have left the workforce for more than a year, and 52% now expect to work beyond their planned retirement age of 60, according to a new TIAA Institute report.
20% cited career changes for those breaks, 18% child care and 17% burnout, disruptions TIAA says are often sudden and rarely built into retirement planning.
20% of Millennials also cashed out retirement savings when changing jobs, adding "leakage" to the lost contributions and compounding the long-term hit from time out of work.
61% still expect to build emergency savings before retirement, while 45% aim to pay off mortgages and 44% other debt, showing ambitions that outpace their interrupted careers.
1,591 U.S. adults were surveyed in July 2025 as younger workers face weaker pension coverage and less faith in Social Security than older generations.
Is the silent financial drain of family caregiving the biggest untold threat to Millennial retirement?
As AI threatens to shorten careers, are Millennials facing a forced retirement they simply cannot afford?
With Social Security's future uncertain, can new federal programs truly secure a generation's retirement?
The $1.46 Million Retirement Challenge: How Millennials Are Redefining Retirement Amid Financial Strain and Uncertain Inheritance
Overview
In 2026, millennials face a tough retirement outlook shaped by skepticism and financial strain. Many doubt they can fully retire, as the cost of a comfortable retirement has risen to $1.46 million due to years of inflation and higher expenses for essentials like long-term care. This financial pressure is forcing over half of millennials and Gen Z to delay major life milestones such as marriage, starting a family, or further education. As a result, financial stress is now a defining part of how these generations plan their futures, work, and navigate daily life.