Interest rates are much lower

Retirees from previous generations earned a bigger interest on their savings, and they also had a lower-risk investment. However, interest rates have now reached their historic low, which means that the majority of nowadays seniors might take on riskier investments just to get enough money for their retirement.

Seniors are in serious debt

Could you believe that earlier generations entered retirement with a paid-off home and no debts? That’s way harder to achieve today.

Folks might be forced to retire sooner than expected

So many workers these days are hoping to be able to work into their late 60s and early 70s. However, poor health, a sudden job loss, or even the need to care for other family members might force many people to retire before planning.

Our tip is to stop worrying about your children. So many young adults nowadays have a hard time launching independent lives. But in the end, we all know that funding an adult child’s lifestyle might deeply affect your own retirement.

That’s why you should consider your retirement savings a top priority, besides your children’s college. Kids will have more time than you do to make up for their financial losses.