Baby Boomers have faced multiple market ups and downs, including the 1987 stock market crash and the 2008 recession. As employer-sponsored retirement plans and 401(k)s were not commonplace during their prime working years, they typically rely on pensions and Social Security in their retirement. Consequently, 70% of Baby Boomers either do not plan to retire, expect to work beyond 65 years, or are already working past this age.
Generation X has had to cope with the same economic events and technological revolutions as Baby Boomers. However, they typically have a relatively high participation rate in employer retirement plans and start saving for retirement earlier than previous generations, typically around age 30. Almost 60% of Gen X workers are confident they will have enough savings to sustain their lifestyles during retirement.
While there are some similarities among age groups, there is no one-size-fits-all solution for retirement planning. For more information on how financial retirement planning differs by generation, please refer to the accompanying resource below.
Retirement Planning for Any Generation from Longbridge Financial, a reverse mortgage refinancing Company