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High percentage of Boomers, Gen Xers not prepared for retirement

More than a quarter of Gen Xers and Boomers are falling behind in their goal of a secure retirement, providing opportunities to financial advisors.

By Paula Aven Gladych | Updated on August 28, 2012

A large amount of Gen Xers and Boomers are falling behind in their goal of a secure retirement. New research by the Insured Retirement Institute shows that these two groups, especially, do not have enough saved for retirement, lack investment knowledge and have not taken important retirement planning steps, such as calculating a retirement savings goal or consulting with a financial professional.

Nearly 22 percent of Baby Boomers and nearly 28 percent of Gen Xers have no retirement savings. Of those who have saved and indicated their savings levels, nearly 40 percent of Boomers and about two-thirds of Generation X have less than $100,000 saved for retirement, according to the IRI data.

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