Millennials also expect their own children will help them in retirement.
Millennials expect that their parents and their children will help them out in their retirement years, according to Financial Advisor in “Millennials Want Family Help in Retirement.”
There are sometimes big differences between generations.
For example, 61% of millennials expect to receive an inheritance from their parents that will help them in their own retirement.
Many millennials also expect to receive retirement help from their own children. Their other retirement expectations are often similarly unrealistic.
On average, they expect to retire earlier than they probably will and they expect to live fewer years as retirees than is likely.
These misconceptions combine into a big problem for the millennial generation.
By relying on family members and having unrealistic retirement expectations, they risk not saving enough money now. By the time they realize their mistakes, it might be too late to do anything to correct them.
It is important that parents of millennial children talk to them about setting realistic retirement and inheritance goals.
Reference: Financial Advisor (June 6, 2017) “Millennials Want Family Help in Retirement.”