Retirement planning for today’s twenty-somethings is not the same as it was for their parents or grandparents. Fifty years ago, it wasn’t unusual for long-term employees tohave a pension that guaranteed a certain amount of income in retirement. But today, this is no longer the case. And this change in workplace retirement benefits makes a big difference in how each generation looks at retirement planning.
A 2016 Franklin Templeton Investments survey of 2,019 adults found that the majority of those who are within a few years of retirement are feeling anxious about their ability to meet retirement expenses. Much younger millennials also share these concerns. But in spite of this, more than half (57 percent) of millennials say they haven’t even started saving for retirement yet.