Retirement Savings Rebound
On the plus side, a new study shows, Americans’ retirement savings has rebounded from the depths of the Great Recession.
Nearly 60 percent of workers say they have somewhat or fully recovered from the 2007-2009 downturn and median savings has risen substantially.
Even so, unless they’re holding sizable nest eggs under the proverbial mattress, they still have a long way to go to replace their income in retirement.
Forty-two percent of baby boomers, the youngest of whom turn 50 this year, for example, have less than $100,000 in retirement accounts, according to the Transamerica Center for Retirement Studies annual survey.
Among Generation X savers, born between 1965 and 1978, more than half have less than $100,000 saved.
Milennials, born after 1978 and before 1997, were somewhat of a bright spot. Just 20 percent have amassed more than $100,000, but they benefited most from the post-2007 stock market recovery. Median savings for the group — $32,000 —rose nearly four-fold from 2007 to 2014.
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