“Despite their desire for a significantly better retirement lifestyle, most boomers are not following their parents’ example of financial discipline and are not taking the necessary steps to achieve their own lofty retirement goals.” That is one conclusion reached by a NAVA-sponsored study, “Generational Differences in Retirement Planning: Adult Children of Retired Parents.” So what are those necessary steps, according to boomers’ parents who have retired successfully? The three biggest are avoidance of credit card debt (81 percent), creation of an emergency fund (86 percent) and the ability to save enough for retirement (79 percent).
Boomers, it seems, have not taken many of their parents’ lessons to heart. Only 15 percent said retirement saving was the most important financial lesson they learned from their parents. And only 37 percent said they would be satisfied with their parents’ retirement lifestyle; 86 percent said they thought their lifestyle in retirement would be better than their parents.