Generation X is Worried the Most About Retirement

Results from a 2012 poll are showing that more Americans are worried about retirement, and it isn’t just baby boomers anymore.

According to a survey conduced by the Pew Research Center 4 in 10 Americans are “not too” or “not at all” confident that they will have enough money saved up to retire. The majority of those who worried about retirement were between the ages of 32 and 44.

53 percent of those ages 36 to 40 believe they are “not too” or “not at all” confident that their income and assets will get them through retirement. The net worth of Americans in their 30s and 40s has fallen significantly in the past decade, more than any other age group. It’s estimated that compared to their counterparts in a similar survey in 2009, those between 35 and 44 are making 56% less. This drop in income is likely to be a reason why gen Xers are not confident that they will be ready for retirement

Of those aged 65 and older about 68 percent believe they’ll be ready for retirement; younger Americans ages 18 to 34 are nearly just as confident with 64 percent believing they’ll be ready.

Another interesting find is that college graduates are less likely to worry about retirement whereas those with a high school diploma or less are much more likely to worry. Income also comes into play as consumers with an income of $100,000 or higher are worry much less about retirement than those with an income of less than $50,000.

Sadly many Americans do not even know how much they should be saving for retirement, according to a Wells Fargo retirement survey many people are just taking a guess. Their guesstimates are way off as many think the median cost of their out-of-pocket health care costs is under $50,000 but research says they should expect to pay over $200,000. Additionally, middle-income Americans think they’ll need about $300,000 to retire, but have only saved about $25,000.

The Takeaway

Whether you plan to retire soon or 30 years from now, early planning is what can set you up for success and easy living. If you’re having financial troubles, now is the time to get your finances in order and start saving for retirement. AmOne can help you find financial solutions that could help you start planning for your future including credit repair, credit counseling, or even debt consolidation. Contact AmOne to learn more about how they can help you.