If you are like many, retirement planning can seem like a daunting task. However, some age groups may be more optimistic about the process than others. A new study released by BMO* found that 47% of millennials believe that they will eventually be able to afford their ideal retirement lifestyle. Comparatively, only 35% of baby boomers reported that they think they would be able to accomplish this.
In addition, millennials believe that they need to acquire more capital while retirement planning than baby boomers. This study found that, on average, millennials felt that they need over $400,000 saved by the time they reached retirement, while baby boomers reported that they needed $60,000 less. Not surprisingly, this study also found that baby boomers have much more saved for retirement than millennials. The average millennial had $15,194 saved in their RRSP, while the average baby boomer had $65,394 in their RRSP.
Those who worked on this study reported that the attitude of the millennial participants reflected how much time they had left to plan and save for retirement. Although being close to retirement may make baby boomers less optimistic about the future, 32% of the older participants reported that they were excited about the prospect of retiring.
If you want to make retirement planning a priority or want to help your employees plan for their futures, at BlueRock Wealth Management Inc., we can help. For more information or to set up an appointment to meet with one of our financial professionals, give us a call today.
*”Millennials More Optimistic than Boomers about Retirement.” Benefits Canada. N.p., 28 Jan. 2015. Web.