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Retirementis something most people dream about.
Unfortunately, not all people are fully prepared for retirement.
Here are four reasons boomers are worse off for retirement than millennials.
Also seehow millennials budget compared with boomers at the same age.
Not all people, however, are struggling with savings as they age.
Some generations are better prepared than others to quit their 9-to-5.
Many boomers are approaching or have already hit retirement age.
Millennials have benefited from parents who no longer consider money a taboo subject.
Boomers, on the other hand, may not have been so lucky.
Money was not only considered an impolite dinner table topic but also wasnt something that was taught.
No Auto-Enrollment Benefits
Millennials have also made strides in retirement because of things like auto-enrollment.
They tend to be better educated and better prepared for retirement.
The younger of the two generations has had more access toretirement plans and benefitsfrom decades of contributions.
Younger boomers entered the workforce during a challenging time.
Employers were shifting from traditional pensions to self-funded retirement plans.
Impact of the Great Recession
Lastly, boomers were deeply affected by the Great Recession.
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