The majority of baby boomers and Gen Xers appear to be looking at their retirement years through rose-colored glasses. More than three in four feel confident they will have enough money to live comfortably in retirement, even though nearly 40% of baby boomers and about two-thirds of Gen Xers have less than $100,000 in retirement savings. Moreover, a worrisome percentage —21.7% of baby boomers and 27.8% of Gen Xers — has no retirement savings at all. The grim statistics are the highlights of a report released by the Insured Retirement Institute.
In addition to insufficient savings, significant portions of baby boomers and Gen Xers lack investment knowledge and have not taken important retirement planning steps such as calculating a retirement savings goal, the report found. Slightly more than half (51.4%) of baby boomers and less than half (40.7%) of Generation Xers have tried to calculate how much savings they will need for a comfortable retirement.
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