The average millennial expects to retire before age 60, but many critics think these expectations are unrealistic for today's standards. Surveys and reports from experts in the finance industry illustrate why early retirement could be a challenge for millennials. 

YouGov surveyed millennials, with the largest share, about 30%, saying they expect to retire between ages 51 and 60. Another survey by Principal Financial shows that the average millennial expects to retire by age 59. 

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"Most people, the vast majority, would be unprepared to go into retirement before their 60s," said Henry Yoshida, CEO of Rocket Dollar, a retirement platform based in Austin, Texas, in an interview with USA Today. 

A recent report from Northwestern Mutual found that millennials believe they can retire comfortably on $1.65 million. According to CNBC, average retirement expenses in the U.S. are just over $1 million for 30 years. So, if millennials retire by age 60 and don't plan to live past 90, they could just make it. However, those aiming to retire sooner, facing unexpected expenses, or desiring a more lavish lifestyle in retirement may find it insufficient. 

Even if $1.65 million were sufficient for early retirement, millennials face several economic challenges complicating their retirement plans. High student loan debt, elevated living costs, and stagnant wages make it difficult for many to save enough for early retirement.

Millennials also tend to fall short in retirement savings. Their average retirement savings are typically lower than needed for a comfortable retirement by age 59. According to GOBankingRates, more than 80% of millennials (aged 25 to 44) have less than $100,000 saved for retirement, with almost 60% having less than $10,000 in retirement accounts.

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Job market volatility and the rise of the gig economy pose additional challenges. Many millennials work in jobs without traditional retirement benefits, hampering consistent saving. A recent Upwork report indicates 44% of millennials work as freelancers. Job-hopping, beneficial for experience and higher wages, can disrupt retirement savings plans.

Rising health care costs and increased life expectancy add further considerations. Millennials planning to retire before 60 must account for potential three-decade spans without regular income. Health care expenses, notably, significantly impact retirement savings. 

However, while early retirement may be challenging, it is not impossible, and many millennials are already on the right track. Goldman Sachs states that 67% of millennials have a personalized plan for retirement, and 69% of millennials are on track or ahead of schedule for their retirement saving goals. 

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