FYI: Where were you, financially speaking, five years ago?
Since 2013, millennials’ retirement savings have nearly doubled, while baby boomers and Gen Xers have seen their median retirement accounts surge by 60 percent, according to a new survey by the Transamerica Center for Retirement Studies.
Before anyone gets too comfortable, however, consider this:
.Just 16 percent of baby boomers, people born between 1946 and 1964, said they are very confident they’ll be able to retire comfortably, according to the survey of 6,372 U.S. adults.
.Today’s median retirement savings are far short of levels needed to replace a high percentage of workers’ pre-retirement income. Boomers have a median $164,000 saved, Gen Xers (born between 1965 and 1978) have $72,000 and millennials (defined in the survey as born between 1979 and 2000) have $19,000.
.Men reported having nearly three times the amount of retirement savings than women. Across all age groups, men reported median savings of $123,000, compared with women’s median savings of just $42,000.
Regards,
Ted
http://www.telegraphherald.com/news/business/article_a30113d1-821e-599e-a54d-474f639e1944.html
