Retirement concerns for millennials and boomers

by Jamie Henry02 Feb 2015
Both millennials and boomers are concerned their retirement dreams may not match their reality, according to a new BMO Fincancial Group study.

The top retirement worry for both millennials (40 per cent) and boomers (44 per cent) is not having enough saved to do all the things they want to do in retirement according to a BMO Financial Group study.

"Millennials and Boomers generally share similar concerns at the prospect of being retired," said Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group.

Other worries identified included:    
  • Declining physical abilities and mobility (38 per cent millennials; 43 per cent boomers).
  • Poor health and/or the prospect of dying (38 per cent millennials; 24 per cent boomers).
  • Spending more money than they had planned (27 per cent millennials; 22 per cent boomers).
  • Being bored (29 per cent millennials; 19 per cent boomers).
"While it's not as easy to control deteriorating health and physical capacities, [consumers] can take charge of [their] financial future and be well-prepared for retirement from a fiscal standpoint. One of the best ways to do so is to meet with a financial professional who can help establish a financial plan and save for retirement on a regular basis," he said.