The retirement crisis in America is not contained to any one generation. Across the country, people of all ages are struggling with stagnant wages, rising living expenses, and an overall sluggish economy. Some are closer to their golden years than others, but one thing is clear: There are three unique generations with very different retirements ahead of them.
Many workers are simply trying to recover from the financial meltdown that took place more than five years ago. According to the 15th Annual Transamerica Retirement Survey, one of the largest and longest-running national surveys of its kind, 35 percent of workers believe the Great Recession has not yet ended. That figure rises to 40 percent among baby boomers. Meanwhile, 65 percent of workers believe the recession has ended, but they have mixed views about the strength of the recovery. Only 14 percent say they have fully recovered financially from the historic downturn.
“Experts have long written about the changing retirement landscape over the past century,” said Catherine Collinson, president of the Transamerica Center for Retirement Studies. “Times are changing so rapidly that the retirements of Baby Boomers, Generation X, and Millennials will not only be a radical departure from their parents’ generations but from each other as well.”
Let’s take a look at the current state of affairs for the three major generations.