Gen Xers are sitting in the catbird seat when it comes to retirement—at least they think so. Most are already planning and saving for retirement, and they're optimistic about their efforts.
The latest Ameriprise Financial "Retirement 2.0" study found that not only do 76 percent of Gen Xers (that generation aged around 35–48 today) say they're proactively planning for their retirement, 79 percent say they're saving through a 401(k) plan and 69 percent are using an IRA or similar account to do so.
The study, which surveyed Americans with at least $100,000 in investable assets, found that Gen Xers got a head start on planning and saving, beginning to sock money away at an average age of 26.
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But that doesn't mean that they're planning to call it quits when retirement day arrives. No, indeed, Gen Xers are planning on continuing to work—well, 73 percent of them do—and 90 percent see themselves working in a different capacity. Ninety-one percent say they like their current professions well enough, but they're planning on heading in a different direction after their retirement—something that provides greater rewards and less stress.
Although 75 percent of Gen Xers are worried about the increasing cost of health care and 63 percent dread being saddled with long-term care costs, they're still confident about their ability to meet retirement savings goals. Ninety-six percent say they are on track to save enough for all their basic needs in retirement, and 86 percent expect to have paid off major debts.
Gen Xers also plan to redefine retirement, with 90 percent expecting to follow something other than a "traditional" path.
Among those who expect to look for a new profession once they retire, 53 percent want to work only part time; 27 percent intend to work as consultants; 20 percent are planning on starting their own businesses; 16 percent are looking to work at a home-based business and 9 percent are anticipating seasonal work.
Among those who actually want to leave the workplace, many are looking for more physical activity and mental stimulation. Half will be putting exercise at the top of their priority list, and 36 percent intend to volunteer at something meaningful.
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