Some millennials are looking ahead to their eventual retirement are taking a page from an earlier era — one before the U.S. created Social Security.
Instead, most of the respondents in that age range say they'll get through their golden years by tapping their retirement savings. And 1 in 5 millennials told Natixis they're banking on their kids helping them out financially.
He noted that the view may also stem from the growing trend of multigenerational households in the U.S. That issue is driven by partly by economic changes, with multiple generations bunking together to save on expenses, as well as cultural expectations among some groups that families should live together.
Even so, boomers have starkly different expectations about where their retirement income. Just 2% of boomers — those born between 1946 and 1964 — expect their kids to help them in their old age, Natixis found. Most are relying on Social Security, as well as their retirement funds and personal savings.
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We have a method of paying the old-age savings pension up front, and in that case, the amount should be able to be incorporated into the mortgage. Amen
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