Because people are living longer, healthier lives, the Wells Fargo Investment Institute has suggested different ways that Millennials, Generation X and Baby Boomers can successfully save for retirement.
Among all age groups, 76% think people in their generation will have a harder time achieving financial security in retirement than their parents, the Transamerica Center for Retirement Studies found.
They may be grappling with debt for decades to come, according to Nationwide Advisory Solutions.
Three-quarters of Baby Boomers think they will have enough money to live comfortably during retirement, but only 35% of Gen Xers share this optimism.
Nearly half owned their funds only through their employer-sponsored retirement plans, according to the ICI.
However, only 24% of women say they are comfortable with their knowledge on investing, Fidelity Investments found.
Among those who know how their 401(k) assets are allocated, they had 51% of their assets in equities, Legg Mason learned in a survey.
Twenty-nine percent say financial planning makes them feel “excited and inspired,” a survey by Northwestern Mutual found.
Seventy-five percent believe their 401(k) plan is in better shape now than ever before, according to Charles Schwab.
They also believe having an adviser they can trust is important for their financial confidence.
They are on track to replace 75% of their income, compared to 64% for Americans overall.
More than half have set specific retirement goals, J.D. Power learned in a survey
This will mean shifting their current focus from Baby Boomers, TD Ameritrade learned in a survey.
More than three in 10 have no retirement budget.
Among Baby Boomers who think it is important to work with an adviser, nearly 70% said they would purchase an annuity within their individual retirement account (IRA), according to a survey by fixed income annuity provider Annexus.
They earn less than older generations, are less likely to participate in a retirement plan, and will have to contend with longer life spans and rising health care costs.