Jeff Speicher is managing director and chief financial adviser at the Speicher Financial Group, a firm that provides financial advice, services, and products to its client. Based in Durango, Colorado, Jeff Speicher has observed that three different generations (baby boomers, Generation X, and millennials) all require different advice and strategies with regards to saving for their retirement.

Half of all baby boomers have already retired, and the other half are approaching retirement. Despite having worked through long years of economic prosperity, many baby boomers underestimate how much they will need to have saved in order to retire comfortably. Baby boomers should review their existing pension arrangements and decide whether to stay in work longer.

Generation Xers were in the middle of their careers when the financial crash hit in 2008. Although their assets may have recovered, they may need to plan to support both children and elderly parents. They need to start looking at and analyzing their finances to prepare for retirement.

Many millennials entered the workplace during the post-crash economic downturn, and only a third of them are contributing to pension plans. Millennials should try to look beyond the short term and begin saving as soon as possible, putting aside as much money as they can for retirement.