New Survey Reveals Ideal Ages For Financial Milestones
How old were you when you first opened a credit card? What about when you first started saving for retirement? And are you on track to buy a home before age 30?
Bankrate’s latest survey found that Americans have an ideal age in mind for these financial milestones and more. These results also speak to the pressure many of us feel to get our finances in order in our twenties, even though we’re getting married later in life and our expected age of retirement isn’t for at least another 40 years.
According to the survey, every generation agrees on one thing: the ideal age to buy or lease a car is 21. But when it comes to the other financial milestones — getting a credit card, starting to save for retirement, buying a first house and retiring — opinions vary among different age groups.
Older Americans who participated in the survey said the ideal age to buy a first house is 26, while the younger groups said 28 is better. Gen Xers said that earlier is better when it comes to the ideal age for retirement — 60 — while half of the baby boomers surveyed think 65 or older makes more sense. Respondents ages 73 and older said that we should really wait until at least 70 to retire. But overall, Americans said that we should all start saving for retirement at 22.
When it comes to opening credit cards, Bankrate’s survey found that Americans feel that 22 is the ideal age to open your first account. However, millennials think that’s a little late. Fifty-three percent of millennials said it’s best to get a credit card between the ages of 18 and 20, and we agree. Opening a credit card and paying off the balance on time and in full every month can help you build your credit.
Regardless of the survey’s findings, only you can determine your ideal age to buy a home, lease a car, open a credit card or retire. But one thing’s for sure — keep saving money, paying down your debt and growing your wealth so you can thrive financially in the future.
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