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Generation X and Retirement: Is a Crisis Brewing? - USAToday
The Generation X cohort—those with birth years in the 1965–1980 range—is the next large group to arrive at retirement’s doorstep and, according to a USAToday post by personal finance reporter Daniel de Visé, they are “experiencing a significant crisis of confidence regarding their ability to retire comfortably.” de Visé is citing comments from a recent Transamerica Center for Retirement Studies report suggesting that “(o)nly 18% of Gen X workers are confident they can fully retire with a comfortable lifestyle.”
The basis for this lack of comfort, as explained in the post, is related to a lack of adequate savings, along with concerns about Social Security’s availability n the future. In fact, the Transamerica study found that “(a)pproximately 77% of Gen Xers believe Social Security will not be available for them during retirement.” These concerns, of course, affect retirement plans, with “36% of Gen X expect(ing) to retire at age 70 or later, if at all.”
Read the de Visé post, which contains a link to the Transamerica study, here.
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