You may want to learn more about your parents’ retirement plans. PennyGems Natasha Abellard has the story.
– According to Yahoo, if you are unsure about your parents’ retirement plans, you should learn more because you don’t know that this information could hurt you financially in the long run. An AgeUp survey found that around 7 in 10 adults between the ages of 25 and 44 do not know much, if anything, about their parents’ finances, and roughly the same number of adults expect to help their parents financially if they do not have a retirement plan.
CNBC reports that millennials are often criticized for their lack of retirement savings, but Americans of all ages suffer from financial uncertainty. Data from the Insured Retirement Institute shows that about 45% of baby boomers haven’t saved any money for retirement, and about 1/3 of baby boomers aged 67 to 72 with jobs have chosen to keep working because of their finances. For this reason, according to the Pew Research Center, an increasing number of millennials between the ages of 24 and 39 are providing financial support to their parents before and during retirement.