So the next time you envy your college-age child for the 40 years he has to save for retirement – or your 80-year-old parent who gets a full Social Security benefit payment every month – consider this: Despite admirable cash-management skills – 88 percent pay their bills on time, and 62 percent regularly pay off their credit-card balances in full – Millennials fall short on retirement planning and investing in general. Only 17 percent say they are on track to replace 80 percent of their income in retirement, while 29 percent say they are confident their investments are allocated appropriately. Squeezed with mortgage and student debt, as well as the high costs of raising children, Generation X has the lowest overall financial wellness of any generation. According to the report, «[Gen X] faces relatively high financial obligations without the safety nets provided by the boomers’ assets or the Millennials’ ability to get financial support from parents.» That pressure could have led 15 percent of Gen Xers to make early withdrawals from their retirement accounts during the financial crisis and 23 percent to stop contributing to their retirement accounts. For baby boomers, the lack of long-term care and umbrella liability insurance makes them particularly vulnerable to financial stress in their older years. Ninety percent of late boomers and 84 percent of early boomers do not have long-term care insurance, while 80 percent and 74 percent, respectively, do not have an umbrella liability policy. Delaying the purchase of such policies could mean boomers face unaffordable premiums later in life, or a loss of financial assets if faced with a lawsuit or medical emergency without the necessary coverage. The news isn’t all doom and gloom, though. Each generation also possesses the skills to plan for a bright financial future. Millennials could use their knowledge and passion for technology to learn more about and take action toward long-term financial wellness, while Gen Xers’ predisposition to saving and self-reliance could lead them past their current financial challenges. Boomers, many of whom have already successfully saved for their children’s college educations and taken care of basic financial needs, are in a good position to refocus on their own retirement savings – including how to distribute their savings wisely over their retirement years. Do you see similar generational differences among your clients when discussing their financial wellness? Or does this research oversimplify it?