The final third of your life in retirement can be a scary proposition if you're not ready, but Wells Fargo has retirement advice for workers from each of the three generations populating the workforce in a new note published Tuesday.
Inflation is always a concern when it comes to any long-term financial planning. Between 1998 and 2018 the cost of hospital services increased 225%, while college tuition costs jumped 185%, childcare service costs increased 162% and medicare services rose 106%.
Baby boomers, generation Xers and millennials are each approaching retirement differently and Wells Fargo has advice for each group of workers as the challenges facing each is unique.
Gen Xers, for example, feel they are the least prepared for retirement due to the fact that they often have to pay some of the costs for both their parents and their offspring.
Meanwhile 46% millennials believe that their 401(k) will be their primary source of income in retirement, compared to 39% of generation Xers and just 25% of baby boomers.
On the flip side, 38% of baby boomers expect social security to be their primary source of income compared to just 15% of millennials.
For more in depth retirement coverage, check out Bob Powell's Retirement Daily.