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Retirement planning is not a one-size-fits-all solution and varies significantly across different generations, with each group having a unique perspective on the subject.

Research shows that personal experiences and economic challenges play a significant role in shaping an individual’s financial planning strategies and political beliefs.

Here is a brief overview of each generation’s approach to retirement planning, and the insights drawn from financial research:

Baby Boomers

Baby Boomers have had to navigate several economic upheavals, including the 1987 stock market crash and the 2008 recession. During their prime working years, employer-sponsored retirement plans and 401(k)s were not prevalent, and hence they rely mainly on pensions and Social Security in their retirement.

As a result, around 70 percent of Baby Boomers either do not intend to retire, expect to work beyond 65 years, or are already working past this age.

Generation X

Generation X, like Baby Boomers, has had to confront similar economic events and technological advancements. However, they typically have a relatively high participation rate in employer retirement plans and begin saving for retirement earlier than earlier generations, usually around age 30.

Almost 60 percent of Gen X workers are confident they will have sufficient savings to maintain their lifestyles throughout retirement.

Millennials

Millennials are adopting a digital approach to retirement planning, concentrating on self-directed market investments like cryptocurrency. Despite being the youngest in the workforce, they are proactive about early retirement planning, with an average retirement savings balance of $63,300.

However, they have also encountered economic uncertainties, including the recent global market crisis, which may have long-term consequences on their savings.

Conclusion

While some similarities exist among age groups, there is no one-size-fits-all approach toretirement planning. However, various services can assist individuals in becoming more proactive about saving for retirement, regardless of whether they are just starting or nearing retirement.

The key is to prioritize financial security in later years by planning and saving for retirement today.

For additional information on how financial retirement planning varies by generation, please refer to the accompanying resource below. (To see the entire graphic for all age groups, click on the popout in the upper right corner.)

Retirement Planning for Any Generation from Longbridge Financial, a reverse mortgage refinancing Company

From the Coach’s Corner, see the following related articles:

4 Tips to Make Your Retirement Savings Last – To help you plan ahead, save more and conserve the savings you already have, here are several helpful tips.

Adopting the FIRE Method for an Early Retirement – For those who hope to retire before 65, there are sacrifices that need to be made and goals to be accomplished. One movement, known as the FIRE movement, shows you how.

5 Low-Risk Investments to Safely Grow Your Money – While low-risk investments may not deliver high returns, they help balance and diversify your portfolio for a better overall return, which is a good idea if you have early retirement in mind.

“Men do not quit playing because they grow old; they grow old because they quit playing.”

-Oliver Wendell Holmes

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.