While the industry prepares for the number of ways the baby boomers will change retirement planning, another challenge is looming just behind them—their children. This generation possibly won't be able to retire at all.

"That's why this generation is saying 80 is the new 65," says Karen Wimbish, director of retail retirement for Wells Fargo. "Retirement at 65 may not, in fact, be possible. Either you're going to have to spend less in retirement or you're going to have to work longer at some job or part time. Total retirement may not be an option."

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