Gen Xers Feeling Financially Squeezed
They have mortgages, second homes, kids going to college and elderly parents. They’re even thinking about long-term care policies.
Tag: Baby Boomers
Wells Fargo Suggests Generational Approaches to Retirement Saving
Because people are living longer, healthier lives, the Wells Fargo Investment Institute has suggested different ways that Millennials, Generation X and Baby Boomers can successfully save for retirement.
Americans Expect Financial Security to Be Elusive in Retirement
Among all age groups, 76% think people in their generation will have a harder time achieving financial security in retirement than their parents, the Transamerica Center for Retirement Studies found.
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Female Gen Xers at Risk
The singles in that group trail Generation X and Boomers in savings
Debt Weighs Heavily on Millennials
They may be grappling with debt for decades to come, according to Nationwide Advisory Solutions.
Baby Boomers Far More Confident About Retirement Than Gen X
Three-quarters of Baby Boomers think they will have enough money to live comfortably during retirement, but only 35% of Gen Xers share this optimism.
Millennials the Most Likely to Own Mutual Funds in Their Retirement Plan
Nearly half owned their funds only through their employer-sponsored retirement plans, according to the ICI.
Women Plan to Take Steps to Make Their Money Grow
However, only 24% of women say they are comfortable with their knowledge on investing, Fidelity Investments found.
Nearly One-Quarter of Participants in the Dark on Their Allocations
Among those who know how their 401(k) assets are allocated, they had 51% of their assets in equities, Legg Mason learned in a survey.
Millennials the Most Motivated to Develop a Financial Plan
Twenty-nine percent say financial planning makes them feel “excited and inspired,” a survey by Northwestern Mutual found.
Boomers Express Confidence in Their 401(k) Plans
Seventy-five percent believe their 401(k) plan is in better shape now than ever before, according to Charles Schwab.
Pre-Retirees Expect to Return to Work
The primary reason: To earn more money
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How to tailor the message for different demographics
Best Interest in Mind
Plan sponsors are likely to ensure that advisers are keeping participants' best interests in mind when recommending rollovers, even though the fiduciary rule has been vacated.
Millennials Value Financial Planning as Much as a Bonus
They also believe having an adviser they can trust is important for their financial confidence.
Millennials Benefiting from Retirement Plan Modernization
They are on track to replace 75% of their income, compared to 64% for Americans overall.
Millennials Better Prepared for Retirement than Their Parents
More than half have set specific retirement goals, J.D. Power learned in a survey
RIAs Predict 41% of New Clients Will Be Gen X, Millennials by 2023
This will mean shifting their current focus from Baby Boomers, TD Ameritrade learned in a survey.
Nearly Three-Quarters of Boomers Want to Delay Retirement
More than three in 10 have no retirement budget.
Only One-Third of Boomers Are Confident They Have Adequate Retirement Savings
Among Baby Boomers who think it is important to work with an adviser, nearly 70% said they would purchase an annuity within their individual retirement account (IRA), according to a survey by fixed income annuity provider Annexus.