Tuesday, February 3, 2015

Globe and Mail: Millennials More Upbeat than Boomers about Affording Ideal Retirement

This survey, released on January 28, says so. A good point it makes is that Millennials have considerably more time to save for retirement than Boomers, so Millennials' added optimism makes sense that way.

A couple issues:
-Optimism was measured according to "ideal retirement". I suspect that looks very different for Boomers as it does for Millennials.
-Millennials are "ages 18-34". As someone who considers Millennials to have been born from 1980-1997 or so, I wholeheartedly approve of this age bracketing.
-Approximately $400,000 for retirement doesn't seem like much, although retirement is such a fuzzy concept because it could last anywhere from 45 years to a few days. Someone hoping to retire early and then subsequently become a centenarian likely needs to save considerably more than someone retiring in the shadow of a terminal illness, for example.
-Apparently, 29% of Millennials and 19% of Boomers are worried they'll be bored in retirement. As someone who hasn't been bored in years aside from perhaps a few times waiting 10-20 minutes for a train, I can't identify here. There's too much to be done in this world.
-The sample sizes of 803 non-retirees and 500 retirees aren't bad. I can live with them.

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