We sure hope this year's college grads are excited to enter the workforce because they'll be in it for a long time, according to a new study from NerdWallet. Researchers there say graduates of the Class of 2015 will likely be working until at least 75—a full 13 years past today’s average retirement age of 62. Considering that the life expectancy for a 23-year-old is 84, that means most will have less than a decade to enjoy their golden years, per Reuters. Here's why: For one thing, it's really hard to save when you're trying to pay off a hefty student loan. The study finds the average student owes $35,000 at graduation, reports Consumerist. Perhaps that seems manageable. But when you extrapolate the debt payments over 50 years, it equals $680,000 in lost retirement savings. Then there's the two-pronged issue of renting.
Not only do rent payments take away from savings, but rent prices are spiking, up 11% nationally since 2012. And because grads are already in debt, they're likely to rent longer, which means less time spent building equity as a homeowner. Here's another problem: The Class of 2015 is hesitant to invest. "They lived through a very turbulent financial period when they saw their parents' finances hurt," says an investing manager. Aggressive investing may help slash your retirement age, but there are other options. Want to throw in the towel at 62? A 23-year-old who starts saving 20% of a $50,000 salary can make it happen. Saving 15% will push the age to 65, while saving 10% will raise it to 70. Don't make $50,000? Cut back on expenses by living with your parents. Three years' worth of saved rent could cut five years off your career. (Millennials aren't the only ones who should be worried about retirement.)