Do you have kids or grandkids just entering the workforce? What advice are you giving them about saving for retirement? Based on your retirement situation, what should you be telling them? As pensions decrease and more financial responsibility lies with individuals rather than employers, it’s important for younger generations to have a solid plan.
Millennials in retirement
According to this recent CNBC commentary, “The latest generation to enter the workforce, millennials — Americans born in the 1980s and 1990s — are the future of financial planning. Today, this group numbers nearly 70 million and by 2020, they will make up almost 50 percent of workers and investors.” Further, “Recent studies reveal that many millennials are generally investing as conservatively as retirees.”
Given the shift to greater individual responsibility in financial planning, combined with uncertain economic conditions and increasing longevity, millennials need advice and engagement more than any previous generations.
Read the entire article here.
Do you have kids or grandkids who could use a little retirement planning advice? Give us a call – we’re happy to help.