A recent Wells Fargo whitepaper, “Reimagining Retirement: Generational Strategies for 21st Century Challenges,” surveyed baby boomers, Generation Xers and millennials to uncover each generation’s thoughts and expectations about retirement.
One of the whitepaper’s findings was that baby boomers expect Social Security to be their primary source for paying for retirement expenses, while Generation Xers and millennials foresee being more reliant on 401(k)s and IRAs. However, the whitepaper also found that 20% of baby boomers and Generations Xers and 30% of millennials listed “Other” as a primary source for covering retirement costs.
