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When Will New College Grads Be Able To Retire?

At what age can today's college graduates expect to retire?  According to new research released by NerdWallet, an online site offering personal finance information, the average projected retirement age for new college graduates has jumped to 75—more than a decade later than the current average retirement age of 62.

NerdWallet has been calculating likely retirement ages for college grads since 2013.  It had determined initially that the average retirement age was 73.  But recent increases in rent costs and student debt are setting back millennials even further.  For instance, NerdWallet says that the typical debt load carried by students after graduation has surged from $29,400 in 2014 to $35,050 in 2015. At the same time, wages have barely budged.  The average salary for grads was $45,487 in 2014 (the last year for which this data was available) as compared to $44,259 in 2012.

The overall figures are daunting.  Rising expenses could translate into $684,474 in lost retirement savings for 2015 grads.  That's up almost $125,000 from the $560,657 figure for the class of 2012.

The best solution is to save early and often.  Once you land your first job, set up a "rainy day fund" for emergencies and begin contributing to a 401(k) or other retirement plan as soon as you're eligible.  If you haven't started yet, today's the day!

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