PLANADVISER - May/June 2018 - 19

Gen Xers
On Shaky
Retirement
Planning
Ground
40% have stored up
nothing for that day
THE majority of Generation X believe
their retirement savings will cover
basic expenses as well as leisure and
travel, but the fact of the matter is:
40% have no retirement savings at all,
the Insured Retirement Institute (IRI)
learned in a survey. This is up from
35% in 2016. In addition, 66% have not
tried to calculate how much they will
need to save to retire.
The oldest members of Gen X are
only 10 years away from turning 65,
the institute notes.
" Time is running out for Gen Xers
to save for a financially secure retirement, "
says IRI President and CEO
Cathy Weatherford. " Unfortunately,
fewer Gen Xers are saving for retirement
or utilizing professional financial
advice than in previous years. The
top three retirement risks Gen Xers
are most concerned about are changes
to Social Security, high health care
costs and running out of money-and
financial advisers are uniquely positioned
to help them effectively plan
for these concerns. "
Sixty-seven percent of Gen Xers
said they are satisfied with their lives
from a financial standpoint, up from
64% in 2016. While 60% have money
saved for
retirement,
this is down
from 65% in 2016.
Among those who have been squirreling
away money, 70% have less than
$250,000 saved, down from 80% in
2016. Still, 23% have put away $250,000
or more, up from 12% in 2016.
Sixty percent think the government
should make it a legal requirement for
employers to offer a 401(k) plan, and
81% would like to be offered the option
to take a portion of their savings in
monthly guaranteed income.
Sixty
percent
think
they
have
enough saved for retirement to cover
some (36%) or extensive (24%) travel
and leisure activities. Asked about their
retirement fears, Gen Xers cited changes
to Social Security (66%), greater than
expected health care expenses (64%)
and running out of money (59%) as
major concerns. -Lee Barney
Gen Xers Need to Heed the Ticking Clock
40% Have no retirement savings
66% Haven't figured out how much they will need, to retire
59% Worry about running out of money
Source: Insured Retirement Institute, " Generation X and Retirement Readiness "
Art by John Cuneo
planadviser.com may-june 2018 | 19

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PLANADVISER - May/June 2018

Table of Contents for the Digital Edition of PLANADVISER - May/June 2018

Key Partnerships
Clean Shares' Popularity
The Retirement Purse
The Power of Hosting Events
A New Best Interest Model
Limited Liability of a Trustee
Rollover Recommendations
PLANADVISER - May/June 2018 - C1
PLANADVISER - May/June 2018 - FC1
PLANADVISER - May/June 2018 - FC2
PLANADVISER - May/June 2018 - C2
PLANADVISER - May/June 2018 - 1
PLANADVISER - May/June 2018 - 2
PLANADVISER - May/June 2018 - 3
PLANADVISER - May/June 2018 - 4
PLANADVISER - May/June 2018 - 5
PLANADVISER - May/June 2018 - 6
PLANADVISER - May/June 2018 - 7
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PLANADVISER - May/June 2018 - 18
PLANADVISER - May/June 2018 - 19
PLANADVISER - May/June 2018 - 20
PLANADVISER - May/June 2018 - 21
PLANADVISER - May/June 2018 - 22
PLANADVISER - May/June 2018 - 23
PLANADVISER - May/June 2018 - 24
PLANADVISER - May/June 2018 - 25
PLANADVISER - May/June 2018 - 26
PLANADVISER - May/June 2018 - 27
PLANADVISER - May/June 2018 - 28
PLANADVISER - May/June 2018 - 29
PLANADVISER - May/June 2018 - 30
PLANADVISER - May/June 2018 - 31
PLANADVISER - May/June 2018 - 32
PLANADVISER - May/June 2018 - 33
PLANADVISER - May/June 2018 - 34
PLANADVISER - May/June 2018 - 35
PLANADVISER - May/June 2018 - Key Partnerships
PLANADVISER - May/June 2018 - 37
PLANADVISER - May/June 2018 - 38
PLANADVISER - May/June 2018 - 39
PLANADVISER - May/June 2018 - 40
PLANADVISER - May/June 2018 - 41
PLANADVISER - May/June 2018 - Clean Shares' Popularity
PLANADVISER - May/June 2018 - 43
PLANADVISER - May/June 2018 - The Retirement Purse
PLANADVISER - May/June 2018 - 45
PLANADVISER - May/June 2018 - 46
PLANADVISER - May/June 2018 - 47
PLANADVISER - May/June 2018 - The Power of Hosting Events
PLANADVISER - May/June 2018 - 49
PLANADVISER - May/June 2018 - A New Best Interest Model
PLANADVISER - May/June 2018 - Limited Liability of a Trustee
PLANADVISER - May/June 2018 - Rollover Recommendations
PLANADVISER - May/June 2018 - C3
PLANADVISER - May/June 2018 - C4
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