A survey brief from the Insured Retirement Institute (IRI) claims that millions of Gen X workers will enter retirement with concerns about social security and lack of retirement savings. increase.
“There is a fundamental disconnect in Gen X that is consistently observed in IRI and other consumer surveys that focus on retirement income and spending: the desire to maintain a lifestyle meets hope. It’s going to lead to a full response,” said Frank O’Connor, vice president of research at IRI. “Some people believe they can work longer hours or work part-time, some expect an inheritance, some are planning to sell their house for a big profit. No. In any case, retirement lifestyle expectations are not aligned with retirement savings levels or confidence indicators.”
According to the IRI survey brief, the analysis was conducted via Internet interviews with a total of 2,241 adult Americans aged 40 to 80.
The final sample included 902 GenX respondents (aged 40-55), 918 baby boomers (aged 56-73), and 801 retirees aged 40-80:
According to the same report, the average amount of retirement savings for workers at the age of earners (Generation X) and workers nearing retirement (baby boomers) is a comparison of income expected from public and private pensions. Inadequate to support income expectations for all but a minority of people.
The analysis also determined that defined contribution plans are often misinterpreted as equivalent to pensions, so pension income is unlikely to become as common as the survey suggests.
A study brief found that 16% of private sector workers have access to defined benefit (pension) plans, and 27% of baby boomers and 23% of Generation X believe they can receive pension income. there is
Furthermore, the analysis shows that despite low confidence that their savings will last into retirement, most workers and retirees will have enough to afford in retirement and have discretionary income for leisure activities. I have shown that I believe there is.