Baby boomers’ worries about retirement have received wide coverage in the financial press, much less so the sobering realities besetting Generation X.
As Americans in the 35-to-48 age group approach retirement, they are showing significant angst and pessimism about the current and future state of their finances, according to a new study published Wednesday by Allianz Life Insurance Co. of North America.
Both boomers and Gen Xers, the study found, widely believe that traditional retirement is a “romantic fantasy of the past,” and that retirement starting at age 65 is now unrealistic.
However, Gen Xers in the study expressed much more hopelessness than boomers about achieving retirement goals and about their overall financial situation.
Sixty-seven percent of Gen Xers felt that supposed targets for the amount needed to retire were beyond their reach, compared with 49% of boomers who felt this way.
Significantly more Gen X respondents than boomers also admitted to being mired in uncertainty when planning for retirement. They despaired of ever having enough money to stop working.
“It’s been widely reported that baby boomers are worried about their retirement, but the financial planning and retirement concerns of Generation X have gotten less attention,” Katie Libbe, Allianz Life vice president of consumer insights, said in a statement.
“They’re the next generation that’s quickly approaching retirement and their hands-off approach to planning and preparation is alarming.”
Larson Research and Strategy Consulting conducted a nationwide online quantitative survey of 2,000 U.S. adults ages 35 to 67 with a minimum household income of $30,000. The sample was designed to achieve a 50/50 balance of women and men, and a 50/50 balance of baby boomers and Gen Xers.