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Spanked On Retirement, Gen X Still Doesn't Get It

Saturday, June 22, 2013 - 5:32 PM
From CNBC News:
Responding to a long, thoughtful article in last Sunday's New York Times about the predicament of America's next generation of retirees, a reader from Minneapolis named Patrick cut to the chase: "I'm a Gen Xer. None of my siblings or friends save a dime."

In so many words, he summed up a new report from the consulting firm PwC (formerly known as PricewaterhouseCoopers). The report, the 2013 edition of an annual temperature-taking of working people's financial wellness, portrays Generation X—the roughly 85 million Americans 32 to 52 years of age—as the most direly affected by the savings crisis.

And they know it. Less than 40 percent of this group told PwC that they are confident about their retirement. Of those over 50, it's less than a quarter.

Read more

According to the article, a severe recesiion during their prime wealth-building years, and a generation "sandwich" have contributed greatly to the situation many Gen-Xers are experiencing.
pearlbrownpearlbrown1,473 posts since
Nov 2, 2010
Rep Points: 6,402
1. Saturday, June 22, 2013 - 5:35 PM
See a related article here.
pearlbrownpearlbrown1,473 posts since
Nov 2, 2010
Rep Points: 6,402
2. Sunday, June 23, 2013 - 7:43 PM
I do not trust so much in statisitcs and I do not believe that the retirement savings status can be generalized in any age groups. 

There are people in any of the age group (boomers, Gen. X, Gen. Y, etc.) who are diligently saving for retirement and there are people who are believers for enjoying the present. 

As for economic situations and stock market behaviors, these are uncontrollable factors that would not alter people's savings discipline and investment strategy. 

That said, my children (Gen. Y) do belong to the enoying the present and letting future takes care of itself category.  But they do put maximum on their 401K as well. 
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427