In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about the TransAmerica Center for Retirement Studies survey, how Baby Boomers, Generation X, and Millenials are approaching retirement.
Episode Highlights:
- 00:41 – Bill Bush and Andy Bush talks about the the TransAmerica Center
for Retirement Studies survey.
- 02:18 – How confident are Baby Boomers are about retirement after
COVID-19.
- 04:11 – Age 35 is the median age that Baby Boomer investors started
saving for retirement.
- 04:45 – Baby Boomers are contributing 10% of their annual income.
- 06:02 – 68% either expect to or are already working past the age of 65.
- 06:30 – $144,000 is the average saved by Baby Boomers for retirement.
- 08:00 – How much of Generation X carries credit card debt and how much
are they saving?
- 10:00 – How confident is Generation X about retirement after COVID-19.
- 11:39 – Student loan debt is a big issue for Millenials.
- 12:47 – Age 24 is when Millenials are saving for retirement and $3000 is
the average amount saved for emergencies.
3 Key Points:
- TransAmerica Center for Retirement Studies survey has retirement data on Baby Boomers (1946-1964), Generation X (1964-1978), and Millenials (1979-2000).
- 84% of Baby Boomers are saving for retirement in a company-supported 401(k) plan or similar plan outside of the workplace.”
- 52% of Generation X has credit card debt, starting to save for retirement at the median age of 30, and 10% of annual salary is getting saved.
Tweetable Quotes:
- “32% of the Baby Boomers say their confidence in their ability to retire comfortably has declined in light of COVID-19.” – Bill Bush
- (Baby Boomers) “$15,000 is the amount saved for emergencies to cover unexpected major financial setbacks.” – Bill Bush
- (Millennials) “26% do have student loan debt of this age cohort, which is quite a bit.” – Bill Bush
Resources Mentioned:
