Among the Baby Boomers, born after World War II and entering retirement in record numbers, 45 percent say they are expecting a decrease in their standard of living when they retire, according to a survey by the Transamerica Center for Retirement Studies (TCRS).
Of Generation X workers, those Americans born in the 1960s and 1970s, 83 percent believe they will have a difficult time achieving financial security, as compared to their parents’ generation.
And among Millennial workers, the youngest generation in the workforce, only 18 percent are very confident about their future retirement.
“Today’s workers are grappling with retirement security and challenged by the wobbly three-legged stool comprising Social Security, employer-sponsored retirement benefits and personal savings,” said Catherine Collinson, president of TCRS.
Moreover, millions of Americans are still “regaining their financial footing” since the Great Recession of just a few years ago, she added.
Here are other key findings of Perspectives on Retirement: Baby Boomers, Generation X, and Millennials.
- Sixty-one percent of workers have not fully recovered from the Great Recession, including 41 percent who have somewhat recovered, 13 percent who have not yet begun to recover, and seven percent who may never recover;
- Seventy-seven percent of workers are concerned Social Security won’t be there when they are ready to retire;
- Only 51 percent of workers agree that they are building a large enough retirement nest egg, including only 16 percent who strongly agree; and
- Sixty-five percent believe that they could work until age 65 and not save enough to meet their needs.