Boomers, Gen X - Optimism vs. Reality

According to a new report from the Insured Retirement Institute (IRI), individuals belonging to the Baby Boomer and Generation X populations are outwardly optimistic, but several factors temper this enthusiasm. For both generations measured in the study, three out of every four individuals were somewhat to very confident of their ability to retire comfortably. By contrast, only about half the Boomers had calculated how much they would need for retirement, and only about four in ten Gen X'ers performed such a calculation. Significant segments of both generations had less than $50,000 saved for retirement, and another large group had no retirement savings at all. Those who calculated their retirement needs and those who worked with an advisor tended to have higher levels of confidence. Notably, the annual Retirement Confidence Survey released earlier this year reported confidence remained stagnant at historically low levels. (See http://www.ebri.org/pdf/surveys/rcs/2012/PR962_13Mar12_RCS.pdf) The full IRI report, Baby Boomers and Generation Xers: Are They on Track to Reach Their Retirement Goals, is available online at IRI's website: https://www.myirionline.org/eweb/uploads/Boomers%20and%20Gen-X%20Final.pdf.