Generational Conversations on Retirement Planning | SafeMone

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Explore how generational habits shape retirement planning. Learn valuable insights and strategies for effective conversations about safe money alternatives. You have probably heard plenty of old platitudes about the importance of taking action. For many, “if you’re going to talk the talk, you’ve got to walk the walk” is one such truism. But in money matters, people often hesitate to prepare for their retirement future. For that matter, they might not even discuss it with their family and other loved ones. In various research studies, the findings are stifling. Not only are Americans struggling with retirement readiness, debt, and living within their financial means. They may limit themselves in their discussions of financial matters. Money may be a taboo subject or people may be embarrassed about their personal financial circumstances to the point of not wanting to discuss them – not to mention other possible factors. So, just how are Americans going about retirement and financial topics? And how might this affect future generational spending and saving practices? Let’s dive into the numbers. Some Generational Trends on Retirement Financial discussions happen, but they are often limited. In a recent Family Wealth Checkup study, Amerprise Advisors found that families tend to avoid conversations over complex or long-term financial matters. Instead, these conversations tended to revolve around more immediate expenditures, especially in conversations started by parents with their adult children.   Image credit: Ameriprise Advisors, Link to content , all rights reserved. Without these conversations of long-term financial goals and needs, the “transmission” of sound money practices can fall short to future generations. These Americans may not hold good “financial role models” after which to model their behavior and thoughts about money matters. Repeating the mistakes of the past. Part of effective financial planning, especially with a spouse or partner, means learning from mistakes of past generations. Yet in some research, it appears that Gen Xers are repeating some of their parents’ mistakes. In research by Financial Finesse , mistakes that Gen Xers and Baby Boomers struggled with included: Not saving enough for retirement Wealth n