Retirement worries span generations

Part of Invesco’s Saving for Life series

Andrew LasterAlthough generational differences run the gamut from music preferences to the digital divide, baby boomers, Generation X and millennials have this in common: concern about retirement security. According to a recent survey1:

  • 45% of boomers (born between 1946 and 1964) anticipate a lower standard of living in retirement.
  • 83% of Gen Xers (born between 1965 and 1979) feel that achieving financial security will be more difficult for them than it was for their parents.
  • Only 18% of millennials (born between 1980 and 1995) feel very confident about retirement.
  • 77% of all workers surveyed are concerned about the potential for diminishing Social Security benefits.

In addition, because only about half of workers in these three generations believe they’re saving enough for retirement, they anticipate working at least part time in retirement. More telling, 15% expect this will be their primary source of retirement income.

Let’s take a closer look at the overall retirement picture for each generational cohort.

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Annuities: Are you overlooking this retirement income source?

Part of Invesco’s Saving for Life series

Andrew LasterThree-quarters of Americans are worried about having enough money for retirement.1 That’s no surprise, as pensions are rapidly disappearing and Social Security is subject to political tinkering. What’s more surprising, in my view, is that many investors have overlooked annuities as a way to potentially fill the retirement income gap. It’s been estimated that less than 8% of retirees age 70 and older are getting income from a private annuity.2

What is an annuity?

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