62% of Gen Z Expects to Reach a Major Retirement Milestone Early. Only 3% of Boomers Believe They’ll Do the Same.

A new report on financial wellness reveals the generational divide. By Amanda Breen | edited by Jessica Thomas | Oct 30, 2026 Key Takeaways Gen Z is opening retirement accounts earlier than previous generations, per ICI data. The proactive approach might be influencing the group’s long-term financial outlook. Thinking about your retirement timeline? The youngest professionals already are. In fact, the number of Gen Z households with retirement accounts is three times higher than that of Gen X at the same age, according to a recent report from the Investment Company Institute (ICI). In its annual report on financial wellness, Payroll Integrations explored the perspectives of employees and employers across generations — and the topic of retirement highlighted a noteworthy divide. Even though Gen Z professionals might be the furthest group from retirement, they’re the most likely to believe they’ll be able to retire early, the report found. Sixty-two percent of Gen Z workers expect to retire before age 65, compared with 36% of millennials, 31% of Gen X and just 3% of Boomers. Gen Z savers don’t just anticipate reaching that major retirement milestone early; they’re also most confident they’ll enjoy a comfortable retirement, according to the data. Nearly half (48%) of Gen Z workers believe they’ll be able to retire comfortably, compared with 38% of millennials, 31% of Gen X and 22% of Boomers. Gen Z’s relative preparedness when it comes to retirement savings might contribute to the group’s optimistic outlook, the report notes. Ninety percent of Gen Z is already contributing to a retirement plan, compared to 81% of millennials, 83% of Gen X and 75% of Boomers. In U.S. Bank’s recent report on young Americans’ investing patterns, president of wealth management Scott Ford stressed the value in proactive financial wellness. “There may be no single playbook for building wealth, but having a plan can help you understand the choices in front of you, assess them against your goals and decide what makes sense for your financial situation,” Ford said. Key Takeaways Gen Z is opening retirement accounts earlier than previous generations, per ICI data. The proactive approach might be influencing the group’s long-term financial outlook. Thinking about your retirement timeline? The youngest professionals already are. In fact, the number of Gen Z households with retirement accounts is three times higher than that of Gen X at the same age, according to a recent report from the Investment Company Institute (ICI). In its annual report on financial wellness, Payroll Integrations explored the perspectives of employees and employers across generations — and the topic of retirement highlighted a noteworthy divide. Amanda Breen is a senior features writer at Entrepreneur.com. She is a graduate of Barnard... Read more