Preparing for retirement looks a lot different for baby boomers than it does for millenials. A new report from the Wells Fargo Investment Institute, titled 'Reimagining Retirement,' offers tips on how the different generations can be able to comfortably exit the workforce.
. "We're seeing entrepreneurship increase a lot among baby boomers," Willis said. In addition to generating more income, putting in some hours at a job may also help you manage health-care costs.
found that half of companies offered full-time and part-time workers the same health insurance coverage.The average life span has grown to 81 for women and 77 for men, from 48 and 46, respectively, in 1900."An all-fixed income portfolio may not be appropriate now that lifespans are longer," she said.Members of Gen X are figuring out ways to send their children to college and take care of aging parents, Willis said.
Nearly a third of generation members are taking a more conservative investing approach than experts recommend, and that could make their savings languish, a recent Wells Fargo study found. Ideas for millennials include:If you start investing $5,000 a year at age 45, you'd have $338,000 when you reach 70 . If you start doing this a decade earlier, at 35, you'd have $740,000. If you kicked off the routine at 25? You'd have more than $1.5 million.
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