Did Baby Boomers Learn A Priceless Savings Lesson? — Advice For Generation X

MINNEAPOLIS, Minn. In a classic case of “Do as I say, not as I do,” a new nationwide survey of pre-retirees offers younger generations a glimpse of what baby boomers might do differently if they could turn back the clock and start their retirement planning over.

According to the survey of 2,500 adults, ages 45-64, conducted by Thrivent Financial for Lutherans, 71 percent of respondents wished they had started saving for retirement when they had their first full-time job, and a whopping 86 percent would advise younger generations to start saving as soon as possible.

In addition, 61 percent would invest $1 million unexpected income into retirement savings rather than start a business, buy a luxury home or go on a shopping spree.

The Thrivent Financial survey took a unique look at pre-retirees’ visions of retirement. It revealed a startling disparity between pre-retirees’ ideal plans and their actual retirement readiness, with a hint of regret.

“This survey confirms what we’ve been hearing for the past couple of years, that we baby boomers are very optimistic about retirement,” said Pam Moret, Thrivent Financial executive vice president of marketing and products. “Unlike the frugal mentality of my parents’ generation, our carefree approach to life may have kept us from saving for retirement. However, that carefree attitude about retirement planning could carry a price