The Great Recession touched people of all generations, but one generation seems to be reeling from the downturn the most.
A recent Transamerica Retirement Survey showed that members of Generation X (those who are age 36-49) reported being burned more than any other age group as a result of the recent years’ economic instability. An article in Money magazine
outlined the findings, which showed that the age group was the most vulnerable to financial troubles, with children at home, a mortgage to pay, and a salary not yet at its peak.
And let’s not forget that Gen X is only two-thirds the size of Millennial (ages 18 to 35) and Baby Boomer (ages 50 to 68) populations. Marketing companies and the media have largely ignored this generation, which early on acquired the downbeat label: slackers. Catherine Collinson of the Transamerica Center for Retirement Studies believes the financial industry is equally focused on older and younger generations, leaving Gen X all alone.
The article pointed out that Gen-X-ers might also feel further behind because of their beliefs. They generally don’t think that Social Security benefits will be there for them when they retire, and nearly a third of this age group had a target retirement savings of $2 million – a higher percentage than either Baby Boomers or Millennials.
One positive for Generation X, according to the survey, is that they have beefed up their retirement savings efforts since the recession and on average have saved more than double the amount they had in 2007.
Whether or not you’re part of the Generation X population, do you have a plan that will get you to retirement? Schedule a one-on-one IRA checkup
with one of our Senior Account Executives to learn about the options available to help get you on track.