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Generation Retirement Gaps

Posted May 19 2013 9:39am

Boomercouple Here's another reason why Generation X might resent Baby Boomers .

Typical Generation Xers now in their late 30s to late 40s saw their net worth drop by a larger proportion than older Americans during the financial crisis and came out of it less prepared for retirement than the post-World War II boomer generation, according to a new study.

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Members of Generation X suffered losses amounting to 45% of median net worth between 2007 and 2010, a significantly higher percentage than those born in the 20 years immediately after the war, according to the Pew Charitable Trusts' economic mobility project.

Based on income and other projections, typical Gen Xers are on track to replace half of their pre-retirement income if they stop working at 65, the study finds. Boomers born between 1946 and 1955 look set to replace 82% of income. Later boomers, born between 1956 and 1965, are on track to replace 59%.

Gen Xers are "facing a genuine possibility of downward mobility, if they don't change course," says Erin Currier, who heads the mobility project.

The results indicate that Gen Xers might need to take steps such as saving more and borrowing less if they want to maintain their living standard in their golden years, experts say.

Source: The Wall Street Journal, May 18, 2013

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