In total, Americans between the ages of 25 to 64 are collectively $4.13 trillion short of having adequate savings for retirement, according to a recent study by the Employee Benefit Retirement Institute. So reports The New York Post.
In a recent study by TIAA-CREF, 84% of Americans say it’s important to have guaranteed income in retirement, but only 14% of survey respondents say they have purchased an annuity. So reports insurancenewsnet.com.
Gen Xers are making many of the same financial mistakes made by Baby Boomers, but they lack the benefits of a strong job market and receiving large inheritances from the World War II generation. So reports Daily Finance.
Potential cuts to Social Security benefits could require Gen Xers to save an additional $27,000 to $79,000 to prepare for retirement, according to Employee Benefit Research Institute Research Director Jack VanDerhei. So reports Financial Advisor.