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Gen X Getting in a Retirement Tizzy
(Source - USA Today)
As far as finances go, Rose Cronin is in better shape than most Americans her age. The 40-year-old has been socking money away into a retirement plan since she got her first job out of college. An insurance quality evaluator from New York’s Long Island, Cronin also has two pensions (one from a former company). Her husband, Bill, also has a pension from his teaching job….Much of the research on retirement readiness has focused on Baby Boomers, who are turning 65 at a rate of 10,000 a day and seem woefully ill-prepared as a group. (A GAO analysis released this week found that among households with members age 55 or older, nearly 29% have no retirement savings or pension plan.) But in a new multi-generational survey by Northwestern Mutual, Gen X respondents reported the highest levels of financial insecurity of the four generations. Their number one concern: having enough savings to retire comfortably. Two-thirds said they expect to have to work past traditional retirement age out of necessity, and 18% believe they’ll “never retire.” Read more…
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