Young people will retire at 75

As if student-loan debt wasn't enough of a burden for new university graduates.

A new report predicts that young workers will need to work until they're 75 on average to save enough for retirement.

Researchers at Nerdwallet, the financial site that published the report, blamed rising rents and student debt levels.

"Millennials are facing a unique challenge in ever-rising student debt that is really impacting their ability to save early in their careers," said NerdWallet investing manager Kyle Ramsay.

Also read: Tips for help save for retirement

The NerdWallet calculations were made based on a 23-year-old saving 6 percent of his or her salary (the median savings rate for that age group) who graduated owing $35,051, the average student loan debt carried by 2015 graduates.

But there are ways to tilt the balance in the other direction.

You might be laughing now at your friends who moved back in with mom and dad after graduating from university, but they may get the last laugh.

According to NerdWallet's calculations, if that same new graduate lives at home until age 25, he or she could retire five years earlier at 70. (That's still eight years later than the current average retirement age.)

"It may not be the best course of action" to move out just because you can, said Deena Katz, a certified financial planner.

"Even if you contribute (while living at home), it will be less expensive than going out on your own."

Ramsay agrees. "There are expenses you can't control and there are those that you can and the ability to save on something like rent by living at home is a great option," he said.

If that's not an option, consider getting a roommate or two.

Also read: When a million dollars just isn't enough

Lowering your housing costs means you can also put more money toward paying off your student loan debt. There also are other steps you can take to speed up the pay-off process and lower your overall balance.

First, consider all of your repayment options for federal student loans. Katz said such plans are "an excellent idea, particularly if you are prepared to go into certain [public service] programs." 

Some employers are also willing to make a lump-sum payment toward the loan as part of the compensation package if you guarantee them you'll stay there a minimum number of years.

If you are able to cut back on other expenses, that will also free up money to pay down your debt and start investing for your retirement.

Even contributing $10 or $20 a week toward your retirement can make a difference. "You've got the wonderful, magical world of compounding, so whatever you save today is worth much more [in the future]," said Katz.