‘You Can Only Tighten Your Belt So Much’

Retirement savings — and the strategies used to shore them up — vary by generation. Take pensions, for example: The plans, which guarantee employer-paid income in retirement, are still an integral part of many retired boomers’ incomes, but for younger generations, they’ve all but disappeared. Conversely, the first 401(k) program debuted in 1981, allowing younger Americans to make the most of those retirement savings vehicles, while older folks haven’t had as much time to enjoy the gains of compound interest.

But regardless of age, there’s one thing all retirement savers have in common: stress. Sixty percent of workers worry they’ll outlive their savings, and that impacts how different generations approach retirement.

USA Today recently spoke with nine savers, ages 19 to 65, about how they’re planning for retirement. Their stories are compelling, from college students who already have Roth IRAs to first-generation Americans who intend to rely on their children for support. ("You can only tighten your belt so much," said one interviewee.)

While there is no one-size-fits-all approach to retirement planning, revisiting your plan often will help you make adjustments as needed. In doing so, you can hopefully avoid joining those 60% worrywart workers.

Boomers, who were born between 1946 and 1964, have become the wealthiest generation that has ever lived, having accumulated $80 trillion over their lifetimes. The reason is not so much financial savviness as it is fortunate timing.

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