It turns out that most everyone regardless of age — millennials, Gen Xers and baby boomers — are stressed out about retirement, according to a survey from the National Association of Personal Financial Advisors (NAPFA).
The survey, 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.
More than half (59%) of millennials haven’t considered their options for retirement, the survey found, while one in three baby boomers hasn’t done any financial planning in the last two years.
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. Millennials, for example, put a higher emphasis on increased savings (59%), with one in three worried they will need to support their parents financially; while planning for retirement is top of mind for 69% of baby boomers.
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Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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