How Boomers are Slacking on Retirement Planning

Boomer retirement planning

Boomers should be far ahead, but they're not.

Going into 2020, more than half (59%) of Millennials haven’t considered their options for retirement. No big shocker there.

But according to a survey from the National Association of Personal Financial Advisors (NAPFA), one in three Baby Boomers—Americans who are nearing or starting retirement—hasn’t done any financial planning in the last two years.

The survey of more than 2,000 adults ages 22-64—which assessed the financial health of Americans—found that stress around finances transcends generational differences. In fact, 74% of respondents said they want a financial planning “do-over.”

“As we move into a new decade, consumers continue to be pessimistic about their retirement options, with almost half of all respondents lacking confidence in Social Security,” says Geoffrey Brown, NAPFA CEO. “More than one-third of Millennials and Gen Xers don’t think they’ll ever be able to retire. While these results are troubling, you can gain a greater sense of control and certainty over your financial future by having a financial plan that’s tailored to your life stage.”

The different generations are consistent in their goals regarding money, which include planning for retirement (61%), achieving greater savings (52%), and paying off debts (50%). Yet, their priorities for planning differ by age and proximity to retirement.

For example, Millennials put a higher emphasis on increased savings (59%), with one in three worried they will need to support their parents financially. Meanwhile, planning for retirement is top of mind for 69% of Boomers.

“Luckily, there are strategies each generation can use to start 2020 off on the right foot,” Brown says.

Tips for employees from NAPFA advisors

Applicable to all generations

Millennials

Gen X

Boomers

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