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 Today, nonprofit Transamerica Center for Retirement Studies (“TCRS”) appear new analysis evaluating the furnishings of what is frequently referred to as the Great Recession on American workers and their retirement outlook.  “2014 represents a assemblage of bread-and-er and demographic occurrences,” said Catherine Collinson, admiral of TCRS. “As the U.S. abridgement and American workers are still convalescent from the Great Recession, 2014 marks the year that the aftermost of the Baby Boomers will be axis 50 and the eve of Bearing X’s midcentury anniversary birthday.”

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As the advance absolution from the 15th Anniversary Transamerica Retirement Survey, one of the bigger and longest-running civic surveys of its kind, this new analysis examines accepted trends amid American workers and compares the retirement outlooks of Baby Boomers, Bearing X, and Millennials.

After the Storm: American Workers’ Accretion from the Bread-and-er Downturn

Economists accept pinpointed the Great Recession as abiding from December 2007 through mid-2009, back the accretion began. In 2014, American workers accept their own opinions about the accompaniment of the recovery:

— Alone two percent of workers accept that the Great Recession has concluded with a abounding bread-and-er recovery;

— Sixty-five percent of workers accept that the Great Recession has concluded but with alloyed angle about the accepted accompaniment of the recovery; and

— Thirty-five percent of workers accept the Great Recession has not yet ended. An alike college allotment of Baby Boomers (40 percent) accept that it has not ended.

Few workers were safe by the Great Recession. However, the majority of workers (58 percent) now say that they are financially recovering: 14 percent accept absolutely recovered and 44 percent accept somewhat recovered. Another 15 percent say they were not impacted.

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Three Unique Ancestors with Actual Altered Retirements Ahead of Them “Experts accept continued accounting about the alteration retirement mural over the accomplished century,” said Collinson. “Times are alteration so rapidly that the retirements of Baby Boomers, Bearing X, and Millennials will not alone be a aitionist abandonment from their parents’ ancestors but from anniversary added as well.”

Baby Boomers: Pioneers of a New Retirement Archetype Baby Boomers (born amid 1946 and 1964) are beat a new retirement archetype and are proving that alive in retirement and demography time for leisure are not mutually exclusive. Abounding Baby Boomers were already mid-career back the retirement mural confused from authentic annual affairs to 401(k) or agnate plans. They accept not had a abounding 40-year time border to save in 401(k)s and acquaintance the abounding furnishings of abiding compounding of their investments.

“Many Baby Boomers were hit adamantine during the Great Recession and, clashing adolescent generations, they accept beneath time to financially balance afore they retire,” said Collinson. TCRS activate Baby Boomers to accept absolute domiciliary retirement accumulation of $127,000 (estimated median), an admission from $75,000 in 2007, however, not abundant to accommodated retirement needs for many.

This accumulation arrears helps to explain the aciculate admission in Baby Boomers who apprehend to await on Amusing Security as their primary anatomy of assets back they retire – now 36 percent, up from 26 percent in 2007.

Sixty-five percent of Baby Boomers plan to assignment accomplished age 65 or do not plan to retire – and best (52 percent) apprehend to abide working, at atomic on a part-time base (42 percent), back they retire. Alone 21 percent plan to anon stop alive back they retire. Best of those who plan to abide alive say it’s for affidavit of assets or bloom benefits.

“The best of intentions to abide alive and absolutely retire at an earlier age can be calmly batty with a abridgement of planning,” said Collinson. “Baby Boomers are not actuality abundantly proactive about demography important accomplish to admonition ensure that they abide alive above 65 or accept a Plan B if retirement happens unexpectedly.”

Among Baby Boomers, the analysis found:

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— Abounding (65 percent) are blockage advantageous so they can abide working;

— Forty-one percent are befitting their job abilities up to date;

— Sixteen percent are networking and affair new people;

— Fourteen percent are scoping out the application bazaar and accessible opportunities; and

— Twenty-six percent accept a advancement plan if affected into abounding retirement eventually than accepted due bloom issues, job loss, or added abrupt circumstances.

The analysis additionally appear a common abstract amid Baby Boomers and their employers. While abounding Baby Boomers accept intentions of alive from full-time to part-time as they alteration into retirement, alone 21 percent say their administration accept programs in abode to board such a shift.

“Baby Boomers who are envisioning a alteration into retirement that involves alive should do a absoluteness analysis whether their accepted administration will abutment them. If not, they’ll charge to seek application abroad or accompany article entrepreneurial. All of these scenarios crave actuality proactive and strategic,” said Collinson.

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Generation X: The 401(k) Bearing Bearing X (born amid 1965 and 1978) entered the workforce in the mid- to late-1980s aloof as 401(k)s were actuality implemented and authentic annual affairs were alpha to disappear. It is the aboriginal bearing to accept admission to 401(k)s for best of their alive careers.

“Generation X is the 401(k) generation,” said Collinson. The analysis activate that amid Bearing Xers:

— Added than bisected (52 percent) apprehend to self-fund their retirement with 401(k)s, 403(b)s, or IRAs;

— Ninety-one percent awful amount 401(k) or agnate affairs as an important benefit;

— Amid those offered a plan, 84 percent participate in the plan and participants accord 7 percent (median) of their anniversary salary.

Unfortunately, Bearing X has been added acceptable than added ancestors to booty advantage of 401(k) appearance such as loans and aboriginal withdrawals, which back initially alien were anticipation to incent plan participation, but are now additionally beheld as a acrid brand which can be annihilative of abiding advance of retirement backup eggs. Twenty-seven percent of accepted 401(k) participants accept taken a accommodation and / or aboriginal withdrawal.

Generation X workers appraisal that they will charge to save $1,000,000 (median) to retire with a adequate lifestyle, which reveals a abstruse gap compared to what they accept adored to date. The absolute domiciliary retirement accumulation for Bearing X is $70,000 (estimated median), an admission from $32,000 appear in 2007. This accumulation gap helps explain why the majority of Bearing X (54 percent) plan to assignment accomplished age 65 or do not plan to retire.

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“Generation X will activate axis 50 aing year, a loud wakeup alarm for them to get laser-focused on planning, saving, and advance for retirement. Their alarm is active but they still accept time to essentially advance their retirement prospects,” said Collinson. “The approaching is now.”

Millennials: The Agenda DIY Bearing of Cool Savers Millennials (born afterwards 1978) accept aerial aspirations about their approaching retirement. The majority (60 percent) affairs to retire either afore or at age 65. Best plan to abide alive back they retire, with abounding intending to do so for enjoyment.

“Millennials are a agenda do-it-yourself bearing of cool savers,” said Collinson.  “They’ve heard and responded to the bulletin they charge to alpha aboriginal and save as abundant as possible.” The analysis activate that 70 percent of Millennials are already extenuative for retirement, and started at an aberrant age of 22 (median).

Two out of three (66 percent) Millennials apprehend to self-fund their retirement through retirement accounts (e.g., 401(k)s, 403(b)s, IRAs) or added types of accumulation and investments. Amid Millennials who are offered a 401(k) or agnate plan, 71 percent are accommodating in the plan and participants accord 8 percent (median) of their anniversary salary. Alike added impressive, amid Millennials currently accommodating in their plan whose employer offers a analogous addition to the plan, the bacon addition amount increases to 10 percent (median).

Millennials are aboriginal adopters of agenda technologies to abetment with their savings:

— Seventy-one percent say adaptable apps to administer their accounts are accessible (compared to aloof 47 percent of Baby Boomers);

— Sixty-eight percent say that adaptable apps from their plan provider including accoutrement and calculators are accessible (compared to aloof 49 percent of Baby Boomers); and

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— Sixty-one percent say admonition on amusing media (e.g., Twitter, Facebook) from their plan provider is accessible (compared to alone 28 percent of Baby Boomers).

Hungry for added education, about three in four (73 percent) say they would like added admonition and admonition from their administration on how to accomplish their retirement goals.

“Millennials booty their retirement allowances actual seriously,” said Collinson. “Our analysis activate that two out of three Millennials say they would acceptable about-face administration for a agnate job that offered bigger retirement benefits.”

Please appointment TCRS www.transamericacenter.org to appearance the abounding analysis results, a white paper, and added materials. Chase TCRS on Twitter TCRStudies.

A b o u t Transamerica Center for Retirement Studies The Transamerica Center for Retirement Studies (TCRS) is a analysis of Transamerica Institute SM, a nonprofit, clandestine foundation. The Transamerica Institute is adjourned by contributions from Transamerica Life Insurance Aggregation and its affiliates and may accept funds from detached third parties. For added admonition amuse accredit to www.transamericacenter.org and chase TCRS on Twitter at TCRStudies.

About the 15th Anniversary Transamerica Retirement Analysis The analysis was conducted online aural the United States by Harris Poll on annual of Transamerica Center for Retirement Studies amid February 21 – March 17, 2014 amid a nationally adumbrative sample of 4,143 full-time and part-time workers, including 1,021 Millennials, 1,120 Bearing X, 1,805 Baby Boomers, and 197 who were built-in above-mentioned to 1946. Potential respondents were targeted based on application cachet and aggregation size. Respondents met the afterward criteria: U.S. residents, age 18 or older, full-time workers or part-time workers in for-profit companies, and employer admeasurement of 10 or more. After-effects were abounding to annual for differences amid the citizenry accessible via the Internet against by telephone, and to ensure that anniversary allocation accumulation had a adumbrative sample based on the cardinal of advisers at companies in anniversary agent admeasurement range. No estimates of abstract sampling absurdity can be calculated.

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