The majority of Generation X workers believe they'll need to save a million bucks or more for retirement, and almost a third think they'll need more than
But so far, they only have about
Most (83%) Gen Xers -- those born from 1965 to 1978 -- are concerned that
Only 14% are very confident they'll be able to retire one day with a comfortable lifestyle, and about a third expect a lower standard of living in retirement.
In 2015, the first Gen Xers begin turning 50, says Transamerica Center President
It's never too late to start saving for retirement -- or to begin saving even more, Collinson says. About 84% of Gen Xers who are offered a 401(k) or similar plan participate in the plan at a median annual contribution rate of 7% of their annual salaries. "They should be saving 10%, 12% or even 15%," she says. "Procrastination is the enemy of retirement planning."
31% think they'll need to save
39% would rather not think about retirement investing until they get closer to retirement.
54% plan to work past age 65 or don't plan to retire. Most (62%) would like to ease into retirement by staying employed but work fewer hours so they have more leisure time, or they would like to work in a less demanding job that gives them greater personal satisfaction.
That said, only 44% are keeping their job skills current; 18% are networking; and 17% are checking out the job market. "If they want to stay in the job market, Gen Xers need to be hyper-vigilant about keeping their job skills up to date and relevant," Collinson says.
61% have a retirement strategy, but only 14% have a written plan.
65% say they don't know as much as they should about retirement investing.
35% of those who are investing for retirement use a financial adviser.
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 31, 2014
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