Gen Zers and millennials still have a ways to go before retirement — although many are planning ahead, according to a new survey from GoBankingRates.
The financial services company recently asked 1,000 Americans from ages 18 to 64 about their retirement plans. Despite being the furthest from retirement age, many Gen Zers have already set aside money for their golden years; and they also contribute more of their paychecks in a tax-advantaged retirement account than any other generation.
Younger generations aren't just thinking about how they'll retire — they are also considering where, according to the survey. The largest proportion of Gen Zers and Millennials would prefer to retire in Southern states, although a significant share wish to retire in the West.
GoBankingRates asked each generation where they would aspire to retire in both the South and the Midwest. Here's how they responded:
Gen Z (ages 18-24):
Favorite Southern states:
1. Florida (20% chose this)
2. Texas (18%)
3. Georgia (12%)
4. Washington D.C. (10%)
Favorite Midwestern states:
1. Ohio (17%)
2. Illinois (15%)
3. Michigan (12%)
4. North Dakota (8%)
Younger millennials (ages 25-34):
Favorite Southern states:
1. Florida (28%)
2. Texas (17%)
3. North Carolina (10%)
4. Georgia (9%)
Favorite Midwestern states:
1. Ohio (18%)
2. Michigan (15%)
3. Illinois (11%)
4. Missouri (8%)
Older millennials (ages 35-44)
Favorite Southern states:
1. Florida (28%)
2. Texas (14%)
3. North Carolina (12%)
4. Tennessee (6%)
Favorite Midwestern states:
1. Ohio (16%)
2. Missouri (13%)
3. Michigan (12%)
4. Illinois (10%)