Many people look forward to retirement.

Natixis Investment Managers recently conducted a survey to determine when the majority of Americans want to retire from work.

Research shows that the average age of a person is 62.

But, the truth is that people’s decisions about when to let go of their old lives vary from generation to generation.

The youngest cohort, Generation Y — ages 25 to 40 — plans to retire at an average age of 59. For Generation X — now 41 to 56 — the average age is 60. Baby boomers — who range from 57 to 75 — indicated they plan to work longer, with an average expected retirement age of 68.

This is because 83% of U.S. non-retired investors stated they feel confident that they can retire financially sound. This number includes 88% Gen Y, 82% Gen X, and 79% baby boomers.

Yet, 41% respondents stated that financial security for retirement was important.going to take a miracleThe survey revealed that “it is not possible to be happy with the current state of affairs.” Gen Y had 46% and Gen X had 45% respectively, while the sentiment among baby boomers was 30%.

There is an overall sense of confidence in the findings, but there are many questions that people still have about their retirement plans, according to Dave Goodsell (executive director, Natixis’ Center for Investor Insight).

These questions are: When will I retire? What amount of money will I need? What amount of money will I need?

Goodsell stated that there are many things that can cause people to doubt their abilities.

There were 750 U.S.-based investors who had an average of $450,000 worth of investable assets. These results were part of an international survey that included 8,550 investors. This group has a lower average retirement age than the rest of the world. was also 62.

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Many clients have asked financial advisors if Covid-19 has made it easier to retire.

How likely that will happen in the near future is dependent on how workers act now.

You can save money with certain strategies.

Increasing your income — particularly through a side hustle — can help you reach your retirement savings goals even faster.

Winnie Sun (managing director, Sun Group Wealth Partners Irvine) said, “I tell clients, if your goal is to cut off 10 years of pre-retirement that means you really need to hustle right now and find additional ways to generate income.”

Many reasons are given for baby boomers to delay their retirement.

Workers who wait to claim Social Security until full retirement age — up to age 67, depending on when they were born — stand to get 100% of the benefits they earned. Your monthly check will permanently decrease if you claim before age 62. Instead, they should wait until they turn 70 to receive the maximum benefits.

The Research Center Center for Retirement Research at Boston College shows that Americans mostly tend to claim retirement benefits either around 62 or their full retirement age as defined by Social Security.

Delaying retirement past age 62 can also enable someone to wait until Medicare eligibility age — generally 65 — and continue to earn income.

Goodsell explained that while not everybody has the right to choose when they will retire, it is possible for some to be forced to do so due to unforeseeable health and career conditions, Goodsell added.

It is important to be prepared for whatever may come your way.

He said, “There are many things that can be done in order to inform individuals about their investment options and the best way to plan for retirement.”