The Money Muse

In our society, we often look to milestones like marriage, homeownership, having children, and retirement as benchmarks of success. However, as life evolves and we face different financial pressures, the timing of these milestones can be an important factor in our decision-making. For me personally, the timing of marriage, having kids, and retirement is a reflection of my financial goals, especially considering the cost of living and the support systems available.

To help put these life milestones into context, I turned to the results of a study by Pew Research Center, which asked more than 3,600 U.S. adults their thoughts on the “ideal” age for achieving these milestones. The findings offer a fascinating look at how Americans view these major life decisions.

The best age to get married.

The idea of marriage and when to settle down has changed dramatically over the years, and this is reflected in the results of the Pew Research study. When it comes to marriage, about half of Americans say that there’s no best age to get married, while roughly 23% believe the best age is between 25 and 29. Only about 10% of people believe that getting married between the ages of 20 and 24 is ideal, with a similar number saying that 30 to 34 years old is the best age.

For me personally, marriage is not just a relationship milestone – it’s also a financial one. Choosing the right partner is one of the most important financial decisions you’ll ever make. Your spouse will be your financial partner, and they can either be a resource to help you grow or a hindrance to your progress. Whether they share similar values, goals, and financial discipline can have a huge impact on your financial future.

The average age of marriage in the U.S. has continued to rise, with many individuals choosing to wait until later in life to marry. This trend is evident in the Pew study, with the average ideal age for marriage being 26.5 years old.

The best age to have a first child.

Having children is another major life decision that carries significant financial implications. As someone who’s still weighing the decision, I can attest that much of my thought process around having kids revolves around costs. The U.S. lacks the resources that many other countries have to support parents, like subsidized child care and extended parental leave, which can make the financial burden of raising a child even heavier. The study found that 40% of Americans feel there is no best age to have a child, but 28% believe the ideal age is between 25 and 29 years old.

Interestingly, the average age of first-time mothers in the U.S. is around 27.4 years old, which aligns closely with the average ideal age of 27.3 for having a child, according to the Pew study. As I get older, I find myself becoming more open to the idea of having children, but the overwhelming cost of raising kids in the U.S. is a huge factor in that decision.

The best age to buy a home.

Homeownership is another key milestone that many people strive for. The study found that half of Americans believe there is no best age to purchase a home, while about a third say the best time to buy a home is between 25 and 34 years old. On average, Americans think the ideal age to buy a home is 28.8 years old.

However, data from the National Association of Realtors indicates that the median age of first-time homebuyers is actually closer to 38 years old, suggesting that homeownership often comes later in life for many people. The average ideal age is a bit younger among homeowners (28.4) compared to renters (30.0).

Right now, I’m weighing whether or not to buy a house or continue renting. Both are expensive in my area, but I think I’ll want to stay put in my next place for at least a few years, and I’m interested in getting into homeownership as an investment. While the idea of being able to purchase a home before 35 is certainly appealing, it’s not a decision I’m rushing into.

The best age to retire.

Retirement is often the end goal for many, but the timing can be subjective depending on your financial situation and personal aspirations. The Pew Research study found that 26% of Americans believe the ideal age to retire is between 65 and 69, with a total of 45% saying that 60 to 69 years old is the best time to retire.

For me, retirement is a goal I’m working toward, but I’m looking at it with the perspective of financial independence rather than traditional retirement. My ideal retirement age is much earlier than what’s typical; I’m aiming to be financially free by 50, which is why I’ve been aggressive in my savings and investing strategy. The thought of being able to spend my time how I choose and to have the option to reduce or change my working hours is incredibly appealing.

High-income households: What do they think?

It’s interesting to see how views on the ideal ages for marriage, having children, buying a home, and retiring differ based on income. According to the Pew Research data, those in higher-income households tend to recommend achieving these milestones at slightly older ages compared to those in lower-income households.

• Marriage: Those in higher-income households say the ideal age is 27.0 years old, compared to 26.2 years for lower-income households.
• Having a child: The ideal age for having a child is 28.7 years for those in higher-income households, compared to 26.2 years for those in lower-income households.
• Retirement: Those in higher-income households recommend 62.6 years as the best age to retire, compared to 61.2 years for lower-income households.

These differences suggest that people with higher incomes may feel more secure financially, allowing them to wait longer for certain milestones, such as marriage and retirement.

The bottom line.

I just turned 31, and in reflecting on the data from Pew Research and thinking about my own situation, I realize that there’s no “right” or “wrong” age to hit these major milestones. The ideal time varies depending on individual circumstances and goals. For me, I’m focused on achieving financial independence, building a stable foundation, and making sure I’m financially prepared for whatever comes next.