Be sure you know your mother and father’ retirement plans

You may want to learn more about your parents’ retirement plans. PennyGems Natasha Abellard has the story.

Video transcript

According to Yahoo, if you are unsure about your parents’ retirement plans, you should learn more because you don’t know that this information could hurt you financially in the long run. An AgeUp survey found that around 7 in 10 adults between the ages of 25 and 44 do not know much, if anything, about their parents’ finances, and roughly the same number of adults expect to help their parents financially when they retire.

CNBC reports that millennials are often criticized for their lack of retirement savings, but Americans of all ages suffer from financial uncertainty. Data from the Insured Retirement Institute shows that about 45% of baby boomers haven’t saved any money for retirement, and about 1/3 of baby boomers between the ages of 67 and 72 with jobs have chosen to continue working for financial reasons. For this reason, according to the Pew Research Center, an increasing number of millennials between the ages of 24 and 39 are helping their parents financially before and during retirement.

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