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Gen X Is Not Prepared to Retire
Workers between the ages of 37 and 50 are poorly prepared for retirement, according to the 15th Annual Transamerica Retirement Survey of Workers. Only 24% of Generation X (those born between 1965 and 1978) reported that their greatest financial priority is saving for retirement.
One-third of survey respondents expect a decline in their standard of living in retirement. As a result, more than half plan to work beyond age 65 or not retire at all. About 51% plan to continue working following their retirement.
The overall picture for Generation X gets even bleaker. Almost 40% prefer not to think about or bother with retirement investing until their retirement date is closer, and two-thirds admit that their retirement investing knowledge isn't at the level it should be.
On a brighter note, two-thirds of respondents said they want more information and advice.
Go to http://tinyurl.com/TransGenerationX to see the Generation X survey results.
For plan sponsor use only, not for use with participants or the general public. This information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.
Kmotion, Inc., P.O. Box 1456, Tualatin, OR 97062; 877-306-5055; www.kmotion.com
©2015 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this publication are for general information only and are not intended to provide tax or legal advice or recommendations for any particular situation or type of retirement plan. Nothing in this publication should be construed as legal or tax guidance; nor as the sole authority on any regulation, law or ruling as it applies to a specific plan or situation. Plan sponsors should consult the plan's legal counsel or tax advisor for advice regarding plan-specific issues.