Friday , April 19 2019
Home / Money / 401(k) / What Would Grandma Say? Retirees Give Financial Advice To The Younger Generations
Retirement planning advice

What Would Grandma Say? Retirees Give Financial Advice To The Younger Generations

Learn from their mistakes. Biggest regret? A general lack of funds.

Grandma and Grandpa have some stern advice for the younger generation: learn from their mistakes. Now that they’ve reached retirement, they’re finding that a lack of funds is their biggest dissatisfaction, and they strongly urge younger Americans to open a 401(k) or IRA as soon as possible and fund it as much as possible.

Their advice; prioritize retirement planning, or you’ll regret it later.

That’s part of the findings of a survey by BMO Harris Premier Services, which found that 75 percent of non-retirees under 60 are using a 401(k) and IRA.

“It’s probably better than it was, but it’s not as high as it needs to be,” says Stuart Thompson, head of the premier banking strategy and segment management at BMO Harris Bank. “Ninety-three percent of those retirees spoke up about the need to open up 401ks and IRAS as soon as you can and not waiting until you’re 50s.”

The survey shows that nearly half of the more than 3,200 American surveyed don’t know when they will retire. Only 43 percent have put some thought into retirement, and 38 percent haven’t thought about it all.

“Some of the things we learned are that you can’t prepare soon enough,” Thompson says. “And preparing isn’t just about money. From my prospective, a good financial advisor won’t talk about what you need until you talk about what you want to do.”

When Americans are asked what they plan to do once in retirement, 56 percent said they plan to spend their golden years relaxing, 50 percent say they want to spend time with friends and family, and 46 percent would like to travel. Other plans included focusing on hobbies (39 percent) and working (30 percent) – whether it be part-time in their current career (20 percent) or starting a new business (9 percent).

The study also polled current American retirees on what challenges they have faced in retirement. It found that although 86 percent are satisfied with their retirement lifestyle, 14 percent are unsatisfied with some lifestyle aspects, Thompson says.

Among those unsatisfied retirees, 83 percent cited lack of funds and health issues (37 percent) as their top challenges in retirement. That prompted 93 percent to recommend opening up a 401k plan or IRA as soon as possible. Some 79 percent urged people to pay off their mortgage as soon as possible.

“You don’t want to head off into your retirement with debt,” Thompson says. “Ideally what people would do is make sure their debt is paid off first, then build up savings in their 401k and IRA.”

Other wise advice? Talk more with your partner about your retirement goals. More than 90 percent of retirees say that their partners need to have an idea what they want to do together in retirement.

“Talk to your spouse and talk to your family,” Thompson says. “Often, we talk to a couple, and each has a different view. As people are living longer, it’s important they have a plan that works for both of them.”

One happy surprise in the survey, Thompson says, is how 86 percent say they’re satisfied with their retirement lifestyle. Given that many wish they would have saved more money for retirement, Thompson says it’s an example of people adjusting their expectations because they have to make do with the money that they have.

“Overall, I am still concerned,” Thompson says. “We aren’t where we need to be. We still have a significant amount of people who aren’t sure what they need to do. The message is there to make sure you have a plan and are seeking financial advice. Talk to someone who can look at what you need in terms of retirement planning and look internally and develop that plan.”

Check Also

Reverse Mortgage pros

5 Upsides To An HECM Reverse Mortgage

As you near your golden years, the last thing that you want to have to ...


  1. Thanks , I’ve just been searching for information approximately this subject for a long time and yours is the best I have came upon till now. But, what concerning the bottom line? Are you positive concerning the source?

  2. Those are yours alright! . We at least need to get these people stealing images to start blogging! They probably just did a image search and grabbed them. They look good though!

  3. Hi there! I’m at work browsing your blog from my new iphone! Just wanted to say I love reading your blog and look forward to all your posts! Keep up the fantastic work!

  4. Wow! This can be one particular of the most beneficial blogs We’ve ever arrive across on this subject. Basically Magnificent. I am also an expert in this topic so I can understand your hard work.

  5. You could definitely see your skills within the paintings you write. The world hopes for even more passionate writers like you who are not afraid to say how they believe. All the time follow your heart. “A second wife is hateful to the children of the first a viper is not more hateful.” by Euripides.

  6. It’s hard to find knowledgeable people on this topic, but you sound like you know what you’re talking about! Thanks

  7. I like this post, enjoyed this one thanks for posting. “I never let schooling interfere with my education.” by Mark Twain.

  8. Excellent blog right here! Also your website loads up very fast! What web host are you using? Can I get your affiliate hyperlink on your host? I want my site loaded up as quickly as yours lol

  9. You have brought up a very great details , appreciate it for the post.

  10. What i do not understood is in truth how you are no longer really a lot more neatly-appreciated than you may be now. You are very intelligent. You know therefore considerably in relation to this subject, produced me personally consider it from so many varied angles. Its like men and women aren’t interested except it is one thing to do with Woman gaga! Your own stuffs excellent. At all times maintain it up!

  11. You actually make it seem so easy with your presentation but I find this matter to be actually something that I think I would never understand. It seems too complicated and very broad for me. I am looking forward for your next post, I will try to get the hang of it!

  12. Excellent web site. Plenty of useful information here. I’m sending it to a few friends ans also sharing in delicious. And naturally, thanks for your effort!

  13. I really wanted to send a quick remark in order to express gratitude to you for all of the fabulous points you are writing on this site. My long internet investigation has finally been rewarded with good quality facts and strategies to write about with my good friends. I would state that that many of us site visitors are truly endowed to live in a fine place with very many perfect individuals with helpful guidelines. I feel really lucky to have encountered your web pages and look forward to tons of more excellent moments reading here. Thanks a lot again for a lot of things.

  14. You actually make it appear so easy along with your presentation but I find this matter to be really one thing that I feel I would never understand. It seems too complicated and very extensive for me. I am looking ahead for your next post, I’ll try to get the hang of it!

  15. Do you mind if I quote a couple of your posts as long as I provide credit and sources back to your blog? My website is in the exact same niche as yours and my visitors would definitely benefit from some of the information you present here. Please let me know if this okay with you. Appreciate it!

  16. Hello very cool website!! Guy .. Beautiful .. Amazing .. I’ll bookmark your web site and take the feeds also…I’m glad to find a lot of useful information right here within the post, we’d like develop extra techniques in this regard, thanks for sharing. . . . . .

  17. Good day very cool web site!! Man .. Beautiful .. Amazing .. I will bookmark your blog and take the feeds also?KI am happy to seek out numerous helpful info here within the publish, we need work out extra strategies in this regard, thanks for sharing. . . . . .

  18. Hi, Neat post. There is a problem with your web site in internet explorer, would test this… IE still is the market leader and a good portion of people will miss your magnificent writing because of this problem.

  19. sowabdv,Definitely believe that which you said. Your favourite justification appeared to be on the net the simplest thing to remember of.

  20. But wanna comment on few general things, The website style is perfect, the content material is real excellent. “The enemy is anybody who’s going to get you killed, no matter which side he’s on.” by Joseph Heller.

  21. I am constantly thought about this, thankyou for putting up.

  22. tngyzhyz,We have a team of experts who could get you the correct settings for Bellsouth net email login through which, you can easily configure your email account with MS Outlook.

  23. I was recommended this blog by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my problem. You’re incredible! Thanks!

  24. juiojxofsa Yeezy,Thanks for sharing this recipe with us!!

  25. As I website possessor I think the subject matter here is very excellent, regards for your efforts.

  26. vyhpeqwung,A very good informative article. I’ve bookmarked your website and will be checking back in future!

  27. In the grand design of things you actually secure an A+ for effort and hard work. Where exactly you actually misplaced us was on your details. As they say, details make or break the argument.. And that could not be much more true right here. Having said that, let me say to you what exactly did give good results. Your text can be extremely persuasive and that is possibly the reason why I am making the effort to comment. I do not make it a regular habit of doing that. 2nd, while I can easily notice a leaps in reason you make, I am not convinced of how you seem to connect the details that make the actual conclusion. For now I will, no doubt yield to your issue but trust in the future you actually link the dots much better.

  28. Hi, I think your site might be having browser compatibility issues. When I look at your website in Safari, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, fantastic blog!

  29. Hey there! I’ve been reading your blog for a while now and finally got the courage to go ahead and give you a shout out from Dallas Texas! Just wanted to mention keep up the excellent work!

  30. I think this site contains some rattling superb information for everyone : D.

  31. Wow! Thank you! I continually wanted to write on my website something like that. Can I implement a part of your post to my site?

  32. Your style is so unique compared to many other people. Thank you for publishing when you have the opportunity,Guess I will just make this bookmarked.2

  33. certainly like your web site however you have to check the spelling on several of your posts. A number of them are rife with spelling issues and I in finding it very troublesome to inform the truth nevertheless I¦ll certainly come again again.

  34. oldnnvsgou,Waw! Its really great and wonderful ever i found. Thank you for sharing this info.

  35. Wow! Thank you! I constantly wanted to write on my blog something like that. Can I include a portion of your post to my site?

  36. I am usually to blogging and i actually admire your content. The article has really peaks my interest. I am going to bookmark your site and keep checking for brand spanking new information.

  37. Thank you for another informative web site. Where else could I get that type of info written in such an ideal way? I’ve a project that I’m just now working on, and I have been on the look out for such info.

  38. I like this post, enjoyed this one thank you for putting up. “We are punished by our sins, not for them.” by Elbert Hubbard.

  39. I believe you have mentioned some very interesting details , regards for the post.

  40. Thank you for every other excellent article. The place else may just anybody get that type of information in such an ideal approach of writing? I’ve a presentation next week, and I am at the look for such information.

  41. Fantastic blog you have here but I was wondering if you knew of any forums that cover the same topics discussed in this article? I’d really love to be a part of community where I can get feedback from other experienced individuals that share the same interest. If you have any recommendations, please let me know. Many thanks!

  42. mqpvfvsq,A very good informative article. I’ve bookmarked your website and will be checking back in future!

  43. Sweet site, super design, really clean and employ friendly.

  44. Greetings from Carolina! I’m bored to death at work so I decided to browse your blog on my iphone during lunch break. I love the information you present here and can’t wait to take a look when I get home. I’m surprised at how fast your blog loaded on my mobile .. I’m not even using WIFI, just 3G .. Anyhow, excellent site!

  45. I loved as much as you will receive carried out right here. The sketch is attractive, your authored subject matter stylish. nonetheless, you command get got an edginess over that you wish be delivering the following. unwell unquestionably come further formerly again as exactly the same nearly a lot often inside case you shield this increase.

  46. Thanks for another informative web site. Where else could I get that type of information written in such a perfect way? I have a project that I am just now working on, and I have been on the look out for such info.

  47. Wonderful web site. A lot of useful information here. I’m sending it to several friends ans also sharing in delicious. And certainly, thanks in your effort!

  48. Hello there, I found your web site by the use of Google whilst looking for a related topic, your site came up, it seems to be great. I have bookmarked it in my google bookmarks.

  49. Hello, i think that i saw you visited my weblog thus i got here to “go back the favor”.I am attempting to find issues to improve my site!I guess its ok to use a few of your ideas!!

  50. Those are yours alright! . We at least need to get these people stealing images to start blogging! They probably just did a image search and grabbed them. They look good though!

  51. I would like to show my thanks to you just for bailing me out of this challenge. Right after surfing throughout the world-wide-web and coming across ways which were not helpful, I assumed my entire life was gone. Existing without the presence of answers to the problems you’ve solved all through your entire site is a serious case, and the kind that would have badly affected my entire career if I hadn’t noticed the website. Your training and kindness in maneuvering all the pieces was important. I am not sure what I would have done if I hadn’t discovered such a subject like this. I’m able to at this point look forward to my future. Thanks a lot very much for your professional and result oriented guide. I won’t be reluctant to suggest the website to anyone who should get tips on this subject matter.

  52. Can I just say what a relief to seek out someone who really knows what theyre speaking about on the internet. You undoubtedly know learn how to deliver a difficulty to gentle and make it important. Extra folks have to learn this and perceive this side of the story. I cant imagine youre not more common since you undoubtedly have the gift.

  53. This is the reasoon you want to start using Neuroscientia – an educational repository of cognitive health tutorials and powerful brainy tips for learning, IQ and mental flow. What do you think?

  54. Very interesting topic, regards for putting up. “The season of failure is the best time for sowing the seeds of success.” by Paramahansa Yogananda.

  55. I like what you guys are up too. Such clever work and reporting! Keep up the superb works guys I have incorporated you guys to my blogroll. I think it’ll improve the value of my website :).

  56. Those are yours alright! . We at least need to get these people stealing images to start blogging! They probably just did a image search and grabbed them. They look good though!

  57. Hey this is somewhat of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding skills so I wanted to get advice from someone with experience. Any help would be greatly appreciated!

  58. Thanks for sharing excellent informations. Your web site is so cool. I am impressed by the details that you?¦ve on this blog. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for more articles. You, my friend, ROCK! I found simply the information I already searched everywhere and just could not come across. What a perfect website.

  59. This website is known as a stroll-via for the entire data you needed about this and didn’t know who to ask. Glimpse here, and you’ll positively uncover it.

  60. Hey! This is kind of off topic but I need some help from an established blog. Is it difficult to set up your own blog? I’m not very techincal but I can figure things out pretty fast. I’m thinking about creating my own but I’m not sure where to start. Do you have any tips or suggestions? With thanks

  61. Nice post. I was checking constantly this weblog and I am impressed! Very helpful information specifically the ultimate part 🙂 I maintain such info a lot. I used to be looking for this certain info for a very long time. Thank you and best of luck.

  62. Hello! I’ve been following your web site for a long time now and finally got the bravery to go ahead and give you a shout out from Dallas Tx! Just wanted to say keep up the excellent job!

  63. I love the efforts you have put in this, appreciate it for all the great articles.

  64. secwqtqa,Thanks for sharing such an amazing blog. I am so happy found this informative blog.

  65. Nice post. I learn one thing tougher on different blogs everyday. It is going to all the time be stimulating to read content material from different writers and practice a little one thing from their store. I’d desire to make use of some with the content material on my blog whether you don’t mind. Natually I’ll offer you a hyperlink in your internet blog. Thanks for sharing.

  66. Those are yours alright! . We at least need to get these people stealing images to start blogging! They probably just did a image search and grabbed them. They look good though!

  67. Heya just wanted to give you a quick heads up and let you know a few of the pictures aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different web browsers and both show the same outcome.

  68. This is a very good tips especially to those new to blogosphere, brief and accurate information… Thanks for sharing this one. A must read article.

  69. Woh I love your articles, bookmarked! .

  70. lbwlrlmc,Wonderful one thank you so much !

  71. I appreciate, cause I found exactly what I was looking for. You’ve ended my four day long hunt! God Bless you man. Have a great day. Bye

  72. I love it when people come together and share opinions, great blog, keep it up.

  73. Im now not certain where you are getting your info, however great topic. I must spend a while studying more or figuring out more. Thanks for fantastic information I used to be on the lookout for this info for my mission.

  74. I visited a lot of website but I conceive this one has got something special in it in it

  75. Wonderful blog! I found it while searching on Yahoo News. Do you have any tips on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Thanks

  76. I haven?¦t checked in here for some time as I thought it was getting boring, but the last few posts are great quality so I guess I will add you back to my everyday bloglist. You deserve it my friend 🙂

  77. Sweet website , super layout, real clean and utilize genial.

  78. Thanks a lot for sharing this with all folks you actually know what you are talking approximately! Bookmarked. Kindly additionally seek advice from my web site =). We can have a hyperlink exchange arrangement among us!

  79. Well I truly enjoyed studying it. This subject offered by you is very practical for correct planning.

  80. Hi there, just became aware of your blog through Google, and found that it is really informative. I’m gonna watch out for brussels. I will be grateful if you continue this in future. Numerous people will be benefited from your writing. Cheers!

  81. It’s hard to find knowledgeable people on this topic, but you sound like you know what you’re talking about! Thanks

  82. Thanks a lot for sharing this with all people you really recognize what you are talking about! Bookmarked. Kindly additionally talk over with my site =). We can have a hyperlink trade contract among us!

  83. What i do not realize is in reality how you are no longer really a lot more neatly-favored than you might be right now. You are very intelligent. You know thus significantly with regards to this topic, produced me for my part imagine it from numerous various angles. Its like women and men aren’t interested until it?¦s something to do with Girl gaga! Your individual stuffs nice. All the time handle it up!

  84. But a smiling visitant here to share the love (:, btw outstanding style and design. “The price one pays for pursuing a profession, or calling, is an intimate knowledge of its ugly side.” by James Arthur Baldwin.

Leave a Reply

Your email address will not be published. Required fields are marked *