How younger retirement ages could benefit workers of every age
A recent survey conducted by Resume Builder revealed that 51% of Millennials and Gen Z advocate for lowering the retirement age. In fact, six in 10 of those surveyed believe the retirement age should be set at 60 or younger. Of those in favour of change, 55% think it should apply universally, while others prefer a gradual implementation targeting younger generations.
Sixteen percent of Americans in this demographic favour increasing the full retirement age. Within this group, 51% propose raising it to 68 or 69, 30% suggest an increase to 70 to 72, and 6% advocate for an age of 73 or above. Fifteen percent of respondents remain uncertain about their stance on this matter.
“There’s real merit to the idea of lowering the retirement age,” said Sudhir Khatwani, director of The Money Mongers. “For one, it could open up jobs for us younger folks in this crazy competitive market. Then there’s the whole old vs. young dynamic at work. We’ve all seen the eye rolls over tech or different work styles. Getting some fresh blood in might ease that tension. And let’s not forget about our seasoned pros — they’ve been at it for ages, and they’ve earned that early sunset,” Khatwani added. “Feels like a win for everyone, if you ask me.”
Despite over half of respondents favouring a lower retirement age, 41% express doubts about the availability of Social Security funds when they become eligible. However, two-thirds still place some degree of reliance on Social Security, with 35% somewhat counting on it and 32% strongly relying on it.
When it comes to wealthier individuals receiving Social Security payments, three-quarters of Millennials and Gen z agree that those with substantial wealth should not be eligible. In contrast, 26% disagree with this notion.
Daniel Morris, founder of My Caring Plan, suggests a middle ground between raising or lowering the retirement age.
“Early retirement exits cannot magically solve the generational tension or gap in the workplace,” Morris said.
“Instead, I strongly advocate for fostering environments that encourage intergenerational knowledge sharing. It’s about valuing the vitality of youth as much as the wisdom of age. The key is recognizing the value every generation brings and fostering a culture of mutual respect and learning,” he said.