Is retiring at 75 becoming the new norm?

first_img 39SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr For the vast majority of Americans, the career “finish line” is hitting a retirement number and being able to retire on their own terms. In reality, though, hitting the finish line is getting increasingly tough. Instead of the road to retirement being a straight line from Point A to B, it’s often filled with twists and turns.Unexpected expenses and other rising costs are making the trek to retirement quite the challenge, according to NerdWallet’s 2015 New Grad Retirement Report. Based on three key findings, the graduating class of 2015 faces the very real possibility that they may not retire until the age of 75. By comparison, the average retirement age today is 62.How retiring at 75 could become a realityWhat’s pushing Millenials to work until the ripe age of 75?The first big issue is the growing amount of student debt today’s graduates are dealing with. Average student debt these days is $35,051, up from $29,400 just three years prior, while starting wages are up only around $1,200 since 2012. With college becoming more of a requirement than an exception to land a job where economic advancement is possible, college tuitions have been rising at a pace that’s vastly outpacing wage growth and inflation. The result is more than $1.2 trillion in cumulative student loan debt. continue reading »last_img