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Gainesville Florida Estate Planning & Elder Law Blog

Monday, June 22, 2015

Will The Younger Generations Be Financially Ready For Retirement?

We often encourage our clients to plan for the future, but is this important ideal diminishing among the younger generations? 

According to Bank of America and Merrill Edge, from a survey of more than 1,000 Americans, 38% of retirees worked on retirement goals with an adviser before quitting work, while 24% of non-retirees are currently working with an adviser. Saving for retirement is easier when people start earlier, so when retirement does come there will be less stress and more relaxation.

The report also states that around 67% of Millennials (defined by the study as ages 18 to 34), and 74% Gen Xers (35 to 49) who were still working, were most likely to believe they'll be financially stressed in retirement based on how they are currently putting money away. Compared to 59% of current retirees who say they aren't worried about money because of how they saved.

This could partially be due to the fact that retirees are aware of how much money they need now, while the younger generations are unclear as to how much money they will really need in the future.

Despite age, one concern was popular amongst all individuals, the increase in health care costs. Around 65% of all those surveyed said that unexpected medical costs would strain their finances in retirement. Followed by a lack of Social Security benefits with about 38%. As people are living longer, the younger generations are worried about how they are going to have enough funds to support themselves as they age.

Millennials see their family and friends as a way to help tide them over into their retirement. Around 43% said they are counting on some financial help from loved ones if they need it in retirement. While only 4% of baby boomers said they are counting on help from loved ones.

The best way to ensure financial security into retirement is to have a savings plan. It is not too late for Millennials to identify how much money they can save by assessing their financial foundation or their income and expenses and their assets and debts. Saving early in your working years is the best way to ensure a solid future.

 

 


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