saving for retirementSaving for retirement is a stressful thing that isn’t immune to multiple generations, according to a 401(k) plan participant survey conducted by Schwab Retirement Plan Services, Inc.

In fact, many young Americans have been behind the 8-ball when it comes to saving for retirement, and it has just gotten worse. Without debt reduction and increased savings, Gen Xers (those between the ages of 38 and 47) and younger Boomers (those in their late 40s to mid-50s) are on track to retire financially worse off than the generations before them, according to analysis from the Pew Charitable Trusts. Even millennials are worried about being able to save enough for retirement, with 38% of respondents naming it as a significant source of financial stress.

“When you think about it, it makes sense because retirement savings can be a bit of an unknown,” says Catherine Golladay, senior vice president of participant services and administration at Schwab Retirement Plan Services.

Having access to professional advice is a great way to offset some of this worry, as a good financial advisor can help you understand and manage changing priorities that come up, such as rising health care costs, loan debt and simply managing your savings in a fixed income. They can also help you ask the important questions that you need to examine to ensure you keep on a good financial track. For example, some things to consider include:

  • How can I ensure that the assets I’ve built will be enough to last me throughout my retirement?
  • How can I maintain a comfortable standard of living without sacrificing my retirement income?
  • How much of an issue will healthcare costs be in retirement, and have I planned for any additional costs that may occur?
  • Will I be able to do all the things I have been saving to do?


Building and maintaining enough wealth to get you through retirement is one of the most important things you can do for yourself, and its’ one that you should be reviewing with your financial advisor. If you wish to learn more ways to build up your retirement savings, I invite you to visit our website at

LPL Financial and Schwab Retirement Plan Services are separate entities.

Gladych, Paula. Retirement stress spans generations. 21, Aug. 2016. ebn.

Hicken, Melanie. Gen X to be worse off than Boomers in retirement, study finds. CNN Money. 17, May. 2013.