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.