Nearly a third of Gen Xers have inadequate pension savings

Link: https://www.pensions-expert.com/Investment/Nearly-a-third-of-Gen-Xers-have-inadequate-pension-savings?ct=true

Excerpt:

Almost one in three Generation Xers — individuals aged between 41 and 56 — have inadequate pension savings and face a minimum-at-best standard of living in retirement, according to research by the International Longevity Centre and Standard Life.

The ILC’s ‘Slipping between the cracks’ report found that 60 per cent of Gen Xers in a defined contribution scheme are not contributing enough for financial security or flexibility later in life, while 59 per cent of those with insufficient savings lack any other kind of income, for example property.

More than two-fifths (44 per cent) have gaps of at least 10 years in their contributions, a figure that rises to 48 per cent for women.

Author(s): Benjamin Mercer

Publication Date: 5 July 2021

Publication Site: Pensions Expert

MassMutual Sees Crisis Hitting Younger Adults Harder

Link: https://www.thinkadvisor.com/2021/03/29/massmutual-sees-crisis-hitting-younger-adults-harder/

Excerpt:

About 25% of the millennials and zoomers said they’re now having trouble with day-to-day expenses, compared with 19% of the GenXers and 9% of the boomers.

Twenty percent of the survey participants in the younger two age groups said they’ve had to adjust their lifestyles to keep costs down, compared with just 14% of the GenXers and 7% of the boomers.

Author(s): Allison Bell

Publication Date: 29 March 2021

Publication Site: Think Advisor