Millennials worried about retirement: Is it too late to start saving?

A BMO survey finds about 73 per cent of millennials expect retirement will be harder than it was for their parents, and 67 per cent of respondents overall expressed similar concern. The article reports experts discussing planning approaches, automated saving habits and registered accounts such as RRSPs and TFSAs.

A BMO survey finds many Canadians, and especially millennials, expect retirement will be harder than it was for their parents. The survey shows about 73 per cent of millennials and 67 per cent of all respondents share that concern. The article presents views from financial planners who described common approaches to retirement planning. They discussed lifestyle-based goals, automated saving habits and widely used registered accounts. Key points: - About 73 per cent of millennials said they expect retirement to be harder than for their parents. - Overall, 67 per cent of respondents said retirement planning will be more difficult; the article notes Gen X at 68 per cent, Gen Z at 61 per cent and boomers at 60 per cent. - A financial planner quoted a 70 per cent-of-current-expenses guideline as a simple reference for retirement lifestyle planning. - Experts mentioned common tools and habits reported in the article, including RRSPs, TFSAs, the FHSA and automated "pay yourself first" saving arrangements. Summary: The survey underscores widespread concern about future retirement across generations, strongest among millennials. The article reports that planners emphasize aligning saving with individual goals, and that registered accounts and automated contributions are commonly discussed tools. Undetermined at this time.