Even High-Income Millennials Fear They’ll Need to Work Forever

October 7, 2019

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Half of high-income millennials ages 30 to 34 fear they’ll have to work forever because they won’t be able to save enough to retire.

That’s one take-away from a recent study that focused on high-income millennials, those with a minimum annual income of $100,000 for single people or $150,000 for married or partnered millennials.

The survey was conducted by the Spectrem Group, a wealth advisory company, and offers insight for the demographic that came of age during America’s worst economic crisis since the Great Depression.

In particular, millennials that are now 30-34 years old — meaning that they likely graduated from college in the depths of the downturn, when hiring in many industries had dried up — are the most cognizant of or concerned about finances.

That “middle” cohort, scarred by memories of a dismal employment market, are also far more willing to work at a job that they might not like than their younger or older peers.

High-income millennials under 29, who graduated from college when the U.S. economy had started to recover, are more optimistic, the survey found: they’re more willing to hold out for a job they enjoy, and less worried about having to work forever.


  • Older high-income millennials are more concerned about having a job that pays well than a job that is fulfilling.
  • More than a third of millennials say firms that offered student loan payoff assistance influenced their career decision.

Read More: Want to Hire ? Better Help Repay Student Debt

  • One quarter are concerned that retirement will be forced upon them or their spouse before they’re ready.

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