Monday, December 18, 2017

Fears Persist for Future Retirees

The  newly released18th Annual Transamerica Retirement Survey found that workers across the generations still have major fears and concerns about ending their careers. The survey finds that more than half of workers (53 percent) expect to retire after age 65 or do not plan to retire, and 56 percent plan to continue working at least part-time in retirement. Among them, 83 percent cite financial-related reasons for doing so, while 75 percent cite healthy aging-related reasons, such as "being active," and "keeping my brain alert."

The respondents were pessimistic about their future. Almost four in five workers (79 percent) believe that their generation will have a much harder time achieving financial security in retirement compared to their parents' generation. Millennials (83 percent) and Generation X (80 percent) are more likely to feel this way than Baby Boomers (75 percent).

The survey put some hard figures on how much different generations have saved for retirement. Baby Boomers have saved an estimated $164,000 in all household retirement accounts, Generation X has saved $72,000, and Millennials have saved $37,000.

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