Close Close

Retirement Planning > Retirement Investing

Allstate Finds Age Gaps In Retirement Readiness

Your article was successfully shared with the contacts you provided.

NU Online News Service, Oct. 20, 2004, 3:10 p.m. EDT/By Trevor Thomas

Americans in the silent generation are more likely than either generation Xers or baby boomers to believe they are financially prepared for retirement.[@@]

84% of silent generation members describe themselves as “very” or “somewhat” prepared for retirement, compared to 73% of gen-Xers and 74% of boomers, according to the 2004 “Retirement Reality Check” survey by Allstate Insurance Company, Northbrook, Ill. It was Allstate’s 4th annual study of Americans’ retirement planning.

The silent generation consists of those born before 1946, while boomers were born from 1946 through 1964 and members of generation X were born between 1965 and 1978.

Americans are in the main optimistic about their retirement, Allstate found. But there were huge differences in retirement outlooks between those who were already retired and those who were not.

For instance:

  • 49% of retirees feared they would not be able to afford the health care they needed, vs. 67% of those who were not retired.
  • 54% of retirees feared their Social Security benefits would be cut or halted, vs. 60% of nonretirees.
  • 46% of retirees were afraid they eventually would be unable to care for themselves, vs. 54% of nonretirees.
  • 37% of retirees thought they might not have enough money in retirement, vs. 53% of nonretirees.