We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Blog + Articles

Categories

  • Industry Articles (12,800)
  • Industry Conferences (2)
  • Industry Job Openings (16)
  • Negative Media (127)
  • Positive Media (73)
  • Sheryl's Articles (482)
  • Sheryl's Blogs (146)
  • Wink's Articles (190)
  • Wink's Blogs (162)
  • Wink's Press Releases (77)
  • Blog Archives

  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • TIAA Survey Finds Level of Financial Confidence among Adult Children May Stem from Their Parents’ Approach to Retirement Planning

    May 22, 2019 by TIAA

    NEW YORK–(BUSINESS WIRE)–A new survey from TIAA finds Americans who lack confidence in their parents’ financial security in retirement (27 percent) are twice as likely to lack confidence in their own retirement as those who are confident in their parents’ (72 percent versus 36 percent).

    More than half of respondents (57 percent) also indicate that their parents’ financial planning for retirement has impacted their own, with almost half (44 percent) avoiding taking on significant debt, and nearly four in ten (38 percent) saying they have adopted a more conservative approach to everyday spending by consciously limiting their spending on non-essentials.

    “We’ve seen firsthand what the data shows: people who are concerned about their parents’ financial well-being in retirement may be sacrificing their quality of life today out of concern for their own financial future,” said Dan Keady, chief financial planning strategist at TIAA. “A good financial plan that includes education, advice and lifetime income options for retirement can help build confidence that allows people to enjoy life today, without forfeiting their future retirement security.”

    With age comes pessimism about parents’ financial security in retirement

    The TIAA survey shows that Generation X and baby boomers are significantly less optimistic than millennials about their parents’ financial outlook. Just over one-third of Gen X adults (35 percent) and only one in four baby boomers (26 percent) describe their parents’ financial outlook as very good or excellent, compared to more than half (52 percent) of millennials.

    The same applies when it comes to confidence in their parents’ current or future financial security in retirement. Only 47 percent of Gen X and 34 percent of baby boomers say they are confident in their parents’ current or future financial security, compared to nearly double the number of millennials (60 percent).

    These confidence levels mirror how these generations view their parents’ approach to saving and investing. Nearly four in ten Gen X and baby boomers (39 percent and 35 percent) disagree that their parents’ approach to saving and investing is admirable and one to emulate, compared to just a quarter of millennials.

    Even among adults who say they are confident in their retired parents’ long-term financial security (20 percent), one in five (21 percent) indicate that they have some or a lot of concern about their parents running out of money in retirement.

    “This concern highlights the possibility that running out of money in retirement might mean having to assume the financial burden of supporting their parents. That is why it’s so important to include guaranteed lifetime income sources as part of a comprehensive retirement plan,” said Shelly-Ann Eweka, a director of financial planning for TIAA. “As the realities of financial planning change through life, parents and their children need to discuss their financial plans and concerns together to ensure they are on the same page about the future they’re envisioning.”

    Millennials’ optimism may be misguided, highlighting need for dialogue

    The survey also found that the perceptions people have about their parents’ financial plans may not always match reality. Seven in ten millennials rate their parents’ financial outlook as good to excellent (72 percent), yet just over half of Gen X and boomers – those likely to represent their parents – rate their own financial outlook the same (57 and 58 percent respectively).

    “It is evident that people’s financial habits and retirement planning are shaped by the experiences of their parents,” said Keady. “The confidence that millennials have about their parents’ finances may actually create a false sense of security, especially when individuals mistakenly believe they will receive an inheritance (and plan their finances around it) when their parents don’t have the same plans or intention.”

    Individuals can take the first step by initiating a financial discussion with their families to better understand how each other’s financial needs compare. If people are overwhelmed by the thought of putting together a financial plan, they can turn to a financial advisor for help. Advisors can help individuals create a retirement plan that seeks to minimize uncertainty and boost financial confidence by building lifetime income.

    “Open dialogues and a well-planned retirement can help alleviate family stress and may give you permission to live your life without the worry of outliving your savings or becoming a financial burden to others,” said Keady.

    Methodology

    This research was conducted by KRC Research from February 19-21, 2019 via an online survey of n=1,003 adults, ages 18 and older, living in the United States. Results have been weighted to be demographically representative of the U.S. population based on age, sex, geographic region, race and education.

    About TIAA

    With an award-winning1 track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1 trillion in assets under management (as of 3/31/20192) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.

    The Lipper Mixed-Assets Large Fund Award is given to the group with the lowest average decile ranking of three years’ Consistent Return for eligible funds over the three-year period ended 11/30/15 (against 39 fund families), 11/30/16 (36), 11/30/17 (35) and 11/30/18 (35). Note this award pertains to mixed-assets mutual funds within the TIAA-CREF group of mutual funds; other funds distributed by Nuveen Securities were not included. From Thomson Reuters Lipper Awards, © 2019 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Certain funds have fee waivers in effect. Without such waivers ratings could be lower. Past performance does not guarantee future results. For current performance, rankings and prospectuses, please visit the Research and Performance section on TIAA.org. The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are provided by Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.

    2 Based on $1.026 trillion of assets under management across Nuveen Investments affiliates and TIAA investment management teams as of 3/31/19.

    Guarantees are subject to the claims-paying ability of the issuing company.

    Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

    TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

    ©2019 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, New York, NY 10017

    831499

    Contacts

    Press
    Elizabeth Anderson
    888-200-4062
    media@tiaa.org
    Like us on Facebook
    Follow us on Twitter
    Connect on LinkedIn

    Originally Posted at Business Wire on May 20, 2019 by TIAA.

    Categories: Industry Articles
    currency