If your kids think they'll be able to retire by 60, reality bites. A new report suggests lots of Millennials think that's a reasonable goal, but experts say Millennials and younger will live much longer than previous generations.
Michael Smith at Houston's STA Wealth Management says Millennials aren't known for their savings.
"I think the number one reason for that is they're carrying a significant amount of debt and predominantly that debt is student loan debt."
Smith says the kids need to buckle down.
"If they're going to retire by 60 they need to find ways to get their debt paid off quickly and start participating in their firm's 401(k) or whatever savings plan they can -- they need to get a move on."
A Charles Schwab report found Millennials have a -quote- "troubling lack of knowledge" regarding debt.
Smith says your Millennial kids need to realize there's a good chance they'll live into their 90s.
"By the time Millennials reach retirement we're going to see that pushed away -- to age 90 -- and because of technology and innovations in health care Millennials have to plan for a lot longer period of time in retirement than previous generations."
Smith says millennials and younger need to start saving as soon as they can.