It’s not your mother’s retirement. . .

Happy Mother’s Day to those of you who are mothers or who have had mothers! And to anyone who values the nurturing "mother" roles people play throughout their lives.

This is the time of month community newspapers sponsor mother-daughter look-alike contests and publish the winners' photos, and everyone publishes essays on motherhood.

But mothers and daughters aren’t necessarily alike. And neither are their retirements.

According to a InsuranceNet, "Mothers advise their daughters to save more money and not to 'live beyond your means'. . .Daughters, when asked how they would have advised their mothers, say, 'don't forget your dreams' and be 'willing to spend money if it will make you happy.' It will be interesting to see if daughters, as they approach traditional retirement age and are faced with the financial realities of a long life, are more open to their mothers' advice."

The author was referring to a phone survey of some 1,200 mothers and daughters, It’s Not Your Mother’s Retirement: Generational Differences in Retirement Expectations for Women, which found that:

• Daughters will work longer. . . or forever.
• Still, they believe their retirement will be better, more active, and more interesting,
• But they also are more likely to face “financial adjustments."
• Both expect to be able to rely on family and friends to provide support when they need it.
• Married women expect to retire earlier than single women.
• Daughters expect different sources of retirement income than their mothers' sources of income.
• Daughters have more debt and may be derailed by it.
• Home equity will play a role in the retirement of both generations.
• Married women in both groups feel well prepared to take over financial management should they need to.
• Mothers and daughters have different perceptions about how much they talk about anything, including retirement.

The study was undertaken by MetLife Mature Market Institute; WISER, the Women’s Institute for a Secure Retirement; and Mathew Greenwald & Associates.