Gen Xers think we’re in the midst of a retirement crisis.
But that doesn’t mean they’re taking action to protect their own interests.
In fact, according to the “Generations Apart” study, commissioned by Allianz Life Insurance Co. of North America, despite the fact that 92 percent of those aged 35–48 believe in the existence of a national crisis when it comes to retirement, 64 percent of them are basically doing the deer-in-the-headlights thing—they’re so uncertain about what to do that they’re doing nothing at all.
And that’s in spite of 94 percent of them believing that it’s critical to build their own financial security in retirement.
After all, most don’t believe that they’ll be able to rely on pensions, Social Security, or Medicare when they hit retirement age.
And that’s if that age ever comes: Most also feel they will never have enough saved to stop working.
In fact, there’s a substantial disconnect between beliefs that GenXers are carrying around—perhaps that’s one reason they can’t figure out which actions to take.