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Generation X: Rebounding From the Perceptions of a Retirement Savings Crisis?
Recent media accounts of the impending financial crisis facing future retirees have focused on perceptions that today’s workers are not accumulating the level of financial reserve needed for a “comfortable” retirement. The constant refrain has been, ” Save more!” and it appears that one segment of the population has heeded that advice, as reported by Yahoo!Finance Senior Columnist Kerry Hannon in a post on their website. Ms. Hannon’s post notes statistics from FINRA Investor Education Foundation suggesting that the once-gloomy picture “…may be on the upswing for those born between 1965 and 1980,” the population cohort called Gen X. She suggests that, in addition to 60% of “GenExers” now having a retirement account in play, they are actively contributing to them and are evidently refraining from borrowing against their accumulating balances. And not only that…she notes that FINRA’s “data suggests that some Gen X households are investing relatively large quantities of their paychecks … to fund additional investment accounts.”
So, along with the likely restructuring of Social Security to ensure its stability and continuity in the decades ahead, the retirement picture for Gen Exers is looking better these days. Check out Ms. Hannon’s article here for more background on the issue.