Many millennials grew up with parents from the baby boomer generation and have been told since the day they started their first job to start saving for retirement. Statistics have shown that because of those early warnings, many millennials are farther ahead in saving for retirement than their parents ever were.

Ironically, the opposite is true for baby boomers. Because many did not receive the same advice they have imparted on their children, retirement experts say many older workers do not have the resources necessary to support themselves after retirement.

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