Whether referring to Baby Boomers, Generation X or Millennials, Americans of all ages are worried about having enough money to fund their retirement, according to research by the Transamerica Center for Retirement Studies.
Forty-five percent of Baby Boomers expect their standard of living will decrease in retirement, 83% of Generation X think their generation will have a harder time achieving financial security than their parents, and only 18% of Millennials are very confident about their future retirement.
Sixty-one percent of workers say they have not fully recovered from the Great Recession, 13% have not started to recover, and 7% think they may never recover. Seventy-seven percent of workers think that Social Security will not exist when they retire, only 51% of workers think they are building an adequate nest egg, and 65% think they could work until age 65 but still not have enough saved to meet their needs in retirement.
“Today’s workers are grappling with retirement security and are challenged by the wobbly three-legged stool comprising Social Security, employer-sponsored retirement benefits and personal savings,” says Catherine Collinson, president of the Transamerica Center for Retirement Studies. “Amid retirement savings shortfalls, American workers are attempting to prop up our system’s three-legged stool by adding a fourth leg: working during retirement.” The survey found that 38% of workers expect to work during their retirement.
NEXT: Baby Boomers’ outlook