Adequately planning for retirement is a concern of both parents and adult-aged children. But a new survey by the Indexed Annuity Leadership Council finds that adults don't want to talk to their children about it.
The Survey on Generational Retirement Perspectives found that more than a third of adults (36 percent) say they never talk to their unretired parents about retirement plans. Similarly, a third (34 percent) of parents talk to their adult children (18+) about their financial retirement plans once a year or less.
"Actively taking control of your financial future can provide peace of mind for you and your family members," Wendy Waugaman, CEO and President of American Equity, said in a statement. "Families that engage in an open dialogue about retirement and retirement planning are taking the first step towards taking control."
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Although parents and their adult children aren't discussing retirement plans in a consistent, significant manner, they're worried about each other's financial future. The survey found that more than half (54 percent) of parents with children 18 and older believe they are at least a little responsible for ensuring their children have enough money on which to retire someday.
And 56 percent of adults with parents who aren't retired yet are at least a little concerned that they might have to financially support their parents after they retire.
Other key findings from the survey include:
- Parents have anxiety about their children's financial futures. Nearly two-thirds (65 percent) of parents are at least somewhat concerned that their children may not have enough money to be able to retire comfortably and when planned.
- When it comes to managing their finances, people are reluctant to take risks — more so than they were five years ago. More than two-thirds (67 percent) of adults are at least somewhat reluctant to take risks when it comes to managing their finances, including their retirement savings. Roughly two-thirds (65 percent) of adults are as or more reluctant to take risks than they were five years ago.
- Today's retirement doesn't necessarily mean extended vacations or days of leisure. Three out of four (75 percent) adults said that working part-time after age 65 best represents what it means to retire for most people. In contrast, only 20 percent said that not working at all by age 65 best represents what it means to retire for most people these days.
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