An overwhelming majority of Americans aged 29 to 49 are worried about their retirement prospects, but they haven't begun to save or plan for it, according to a study by retirement planning website eRollover.com.
The study, which was conducted by the independent Siena College Research Institute, found only about one in 10 Gen-Xers is very confident about being be able to maintain their standard of living when they retire, and 82 percent cannot say they are on their way to planning for a successful retirement.
The study also revealed that, over the past six months, just 41 percent of Gen X members put aside any money beyond what their employer may have contributed to a retirement plan, fewer than half have a 401(k), and only 19 percent meet regularly with a financial advisor.
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Furthermore, 71 percent agree (with 38 percent agreeing strongly) that unless something is done, Social Security could be bankrupt within the next 20 to 25 years.
At the same time, the generation has some truly lofty retirement goals. They want to be able to relax, travel, engage in their life passions, move to warmer climates, and help their families, as they've seen the generations before them doing.
Only one of every seven Gen-Xers enjoys an income that exceeds their expenses, and more than four in 10 say they're worse off financially today than they were a year ago. As a result of this continued economic trouble, 41 percent of this group believe their quality of life in retirement will be worse than that of those who retired 15 or 20 years ago.
And while 71 percent believe Social Security must be fixed to survive, and 67 percent of these Americans plan to count on those payments as at least a minor source of retirement income, Gen-Xers are divided on what should be done to solve the Social Security crisis.
Other key findings of the survey include:
- Even with dreams and plans for retirement, fewer than three in 10 have a very clear and organized plan to save for retirement, and 41 percent believe their quality of life when retired will be worse than those who retired 15 or 20 years ago.
- On Social Security, 58 percent either strongly or somewhat agree that those who retire with significant wealth should have a reduced Social Security benefit based on their assets. Sixty percent, however, disagree with the idea of raising the retirement age to 70, and a plurality favor some form of privatization and increasing the payroll deduction to 14.4 percent.
- Despite their skepticism about Social Security, 27 percent expect it to be a major source of their retirement income and 40 percent expect it to be a minor source of income.
- Among the study group as a whole, only 15 percent had incomes greater than expenses, 46 percent track their incomes and expenses monthly, 50 percent have a savings account with a balance of at least $1,000, 31 percent have at least six months of expenses saved, 48 percent have a 401(k) and 19 percent have a financial advisor.
- Among those with incomes above $100,000, however, 29 percent had incomes greater than expenses, 52 percent budget more frequently than lower earners, 82 percent have a savings account with a balance of at least $1,000, 59 percent have at least six months of expenses saved, 85 percent have a 401(k) and 38 percent have a financial advisor.
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