Millennials are twice as likely as baby boomers to think that they will be able to rely on parents to subsidize their retirement. Sixty-two percent of millennials, compared to thirty-one percent of baby boomers, expect to receive an inheritance to help during retirement years. Further, millennials expect help from their children; forty-seven percent of millennials expect children to help compared to only twenty-four percent of baby boomers. Millennials tend to be more prepared for retirement at younger ages than baby boomers given the widespread proliferation of workplace retirement plans. Their expectations for retirement are a bit skewed, however, as many expect to retire at 59 and expect to live only 25 years into retirement. This places the average millennial at age 84 at death. Currently, twenty-five percent of individuals aged 65 will live to age 90. Ten percent of this group will live to 95. So, while perhaps better prepared in some aspects, many millennials still need financial advising to clarify their understanding of the reality of their retirement.
See Karen DeMasters, Millennials Want Family Help In Retirement, Financial Advisor, June 6, 2017.
