Consumers in the 38-to-53 age group are an angst-ridden generation.
Fifty-one percent of Gen Xers worry about their retirement security, compared with 34% of baby boomers, and 45% are concerned about becoming disabled, versus 23% of boomers, according to a new study from research organization LIMRA.
Some of Gen Xers’ anxiety about their retirement years may owe to the fact that many do not have access to a defined benefit plan. LIMRA found that two-thirds of these consumers will have to create retirement income through their savings.
Becoming disabled or incurring big medical or long-term care expenses could seriously erode their efforts to save for retirement.
In contrast, about half of boomers receive a guaranteed income stream through a pension.
These findings point to a big role financial advisors can play in the lives of Gen Xers by providing guidance on the most effective strategies to maximize retirement savings.
A study earlier this year revealed that slightly more than half of Gen Xers did not have a financial advisor.