July 01, 2013

GP Mentor: Your Generation’s Retirement

ABA Retirement Funds

Hip-hop or classic rock? Apps or newsprint? In a host of ways, each generation tends to look at life a little differ-ently. And when it comes to retirement planning, different stages of life present very different viewpoints and challenges.

There are roughly six generations living in America today. Of these, three are the most active in the workplace: the Millennial Generation (ages 14–34), Generation X (ages 35–49), and the Baby Boom generation (50–64).

The Baby Boomers are now pon-dering what will be the next steps in life and likely are striving to maximize savings during their remaining working years. The challenge for younger work-ers, on the other hand, may be finding the extra cash—and the discipline—to begin investing for a future need that’s still a long way off. But for these younger workers, building their own savings is more crucial than ever. According to ING Retirement Research Institute’s report Retirement Across the Ages, only 27 percent of workers under age 50 can count on pension savings of some kind (compared to almost 50 percent for older workers).

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