HOW MUCH EVERY GENERATION HAS SAVED FOR RETIREMENT

According to an annual study by the TransAmerica Center for Retirement Studies, Millennials, not Baby Boomers or Gen Xers, are the most responsible savers.¹

MILLENNIALS

(1977 – 1995)

Millennials start saving for retirement at age 24 and contribute an average of 10% of their income into some kind of employer-sponsored savings vehicle, like a 401(k). Millennials have saved $23,000 so far in retirement savings.¹

GEN XERS

(1965 – 1976)

Gen X starts saving for retirement by age 30 and starts contributing 8% of their income for retirement. Gen X has $66,000 so far in retirement savings.¹

BABY BOOMERS

(1946 – 1964)

Like Gen X, Baby Boomers start saving for retirement at age 30 and, like Millennials, contribute an average of 10% of their income to retirement. Baby Boomers have saved $152,000 so far in retirement savings.¹

AMERICANS PLAN TO LIVE UNTIL 100+

Thirteen percent of Americans plan to live until they're 100 or older, which means they may need to cut back more now to make their money last. Seventy-six percent of all three generations believe that their generation will have a much harder time achieving financial security in retirement compared with their parents’ generation.¹

DEBT HAULTS SAVING FOR RETIREMENT

Despite the fact that saving for retirement is the top priority across all generations, worries about the ability to prioritize saving are compounded by the fact that a full 83% of Americans have some type of debt in the form of...¹

CREDIT CARDS (47%)

MORTGAGES (43%)

CAR LOANS (38%)​

GEN XERS AND BABY BOOMERS PLAN ON WORKING PAST AGE 65

Seven in 10 Gen Xers feel they could work until age 65 and still not have enough money saved to meet their retirement needs. Additionally, 69% of Baby Boomers reported that they either expect to or already are working past age 65 or do not plan to retire.¹

THERE ARE SEVERAL CHANGES YOU CAN MAKE TO HELP YOU REACH YOUR RETIREMENT GOALS.

No matter what generation you find yourself in, there are steps you can take to help yourself reach your retirement goals. You can save more now, spend less through retirement, or retire later. Review what steps work best for your individual financial situation with a ProNvest retirement counselor at 423-648-1878 .

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Citations. 

1  – http://money.com/money/5640466/this-chart-shows-how-much-millennials-gen-x-and-baby-boomers-have-saved-for-retirement-see-how-you-compare/