Millennials and Generation X will have to save much more for retirement than their parents’ generations, according to recent surveys of investment advisors. In a 2010 Scottrade survey, most (77%) advisors set the “number” at $2 million or more for Millennials. More recent surveys have set slightly lower targets for these generations, but the goals are still substantially higher than they were for Baby Boomers. Both generations will have to wait until at least age 67 to receive full Social Security, since they were born after 1960. By mid-century, 70 is likely to be the typical retirement age. In more… Read More
Categories: WorkJust when Generation X is reaching its peak career and earning years, they are finding that the Baby Boomers won’t get out of their way. Many Boomers are delaying retirement due to the recession or simply because they prefer to work. In fact, the participation rate in the labor force among those over 55 is as high as it’s ever been. Xers, contrary to their reputation as slackers, are highly educated, career-oriented, and ambitious, but their path to the top is not clear. In a recent survey, 40% of them say they are not satisfied with their career progress and… Read More
Categories: Baby Boomers, WorkMany Baby Boomers, even wealthy ones, have no intention of leaving an inheritance. Instead, they plan to use their fortunes on themselves. A new study by U.S. Trust shows that less than half of wealthy Boomers surveyed plan to leave an inheritance. About the same number have not even told their children what they are worth. This marks a sharp departure from attitudes among previous generations and comes as a shock to the financial planning industry. The results left the president of U.S. Trust sounding a little like a Millennial: “We were, like, ‘wow,’” said Keith Banks. Some Boomers surveyed… Read More
Categories: Baby Boomers, WorkAccording to the Pew Center’s latest look at social media, Baby Boomers and Matures are now the demographics driving explosive growth in social networking, while Millennials’ use of such sites has flattened. While social networking sites are still enormously popular among Millennials – 83% use them – growth in their popularity within the younger demographic has stalled, and even declined over the past year (from 86%). On the other hand, the growth in the use of social media among older generations has been as phenomenal as it was among Millennials just a few years ago. Over the past two years,… Read More
Categories: Baby Boomers, Generations, Matures