Perspectives of Retirement 2015

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1 Perspectives of Retirement 2015 Number 6 in a Series Quantitative Research Full Report April

2 Emerging Story Lines 2

3 Gen X: Shouldering Financial Responsibility Gen X started their working years when the 401(k) was introduced and defined contribution programs began to diminish. Today these 35 to 49 year olds feel much more obligated than previous generations to take on responsibility for their own retirement security instead of relying on a pension or Social Security. I believe I am solely responsible for my own retirement (no Social Security, employer pension, inheritance, etc.) Gen X 65% Boomer 45% All Americans were hit by the Great Recession; 7 out of 10 changed their financial behavior as a result. For Gen X the recession hit as they were moving into their prime career development years. They learned quickly that the financial world can be uncertain. 51% of Gen X say they are saving more for retirement since the recession, compared to 37% of Boomers. 3

4 The New Meaning of Millionaire Over half believe they ll need $1 million or more to be comfortable in retirement. Gen X expects to need an average of $1.5 million (minimum) for retirement while Baby Boomers average is slightly lower at $1.3 million Many of the successful savers in this survey know that their 401(k) or comparable plan won t be enough to get them over the $1 million hurdle. On average they save an additional 9% of their income specifically for retirement outside of their employer s plan 4

5 Gen X: Feeling the Financial Burden Gen X Boomers I believe I am solely responsible for my own retirement (no Social Security, employer pension, inheritance, etc.) 65% vs. 45% Have a pension 46% vs. 57% Have a 401(k) or comparable employer retirement plan 91% vs. 83% Investment portfolios are moderately or very aggressive 46% vs. 36% I worry that my savings may not hold out for as long as I live 73% vs. 55% I (worry about retiring/am worried about retirement) because I have both kids and older parents to think about What is the minimum amount you think you need to have saved for retirement? 43% vs. 23% $1.5m vs. $1.3m 5

6 Context Most Americans have recovered from the Great Recession. Only one in seven say they are still feeling the effects of the recession. The recession had a strong impact on how people manage their finances. Seven out of ten have changed their behavior. Three in ten are more focused on saving now One quarter are paying more attention to learning about finances and investments One quarter are putting more focus on managing spending behavior One fifth have more focus on managing debt 15% are seeking more investment advice 6

7 Most say they have recovered from the Great Recession; only one in seven say the recession hurt them and they are still feeling the effects Effect of recession on current financial situation It hurt me financially and I m still feeling the effects It hurt but now I ve pretty much recovered It only had a minor impact on me financially and I m doing well It did not have much effect and financially I m doing better than ever 15% GEN X: 15% BABY BOOMER: 17% 41% GEN X: 38% BABY BOOMER: 43% 31% GEN X: 31% BABY BOOMER: 31% 12% GEN X: 15% BABY BOOMER: 9% Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q12. It has been nearly six years since the Great Recession began. Thinking about your financial situation today, how would you describe the effect of the recession on you? 7

8 The recession did, however, have a strong impact on how people manage their finances as seven out of ten have changed their behavior Change in behavior compared to six years ago 71% Have changed behavior in one or more ways More focus on managing debt More focus on managing spending behavior More focus on saving Paying more attention to learning about finances and investments Seeking more investment advice 21% 26% 29% 26% 15% 29% Haven t really changed my behavior on any of these items Gen X is more focused on saving (35% vs. 27% Boomers) Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q15. Compared to six years ago, which of these things are you doing now? Only pick the item if you feel that you have really changed your behavior at this time. Select all that apply. 8

9 Evolution of Retirement Gen Xers are feeling the weight of being personally responsible for funding their retirement. They are significantly more likely than Boomers to say they will be solely responsible for my retirement 73% worry that their savings won t hold out for retirement (55% of Boomers). They are more likely than Boomers to worry about retirement because they have both kids and older parents to think about. Gen Xers expect to retire younger (average age of 63.6) and Boomers expect to retire, on average, at

10 Gen X is significantly more likely than Boomers to feel solely responsible for their own retirement Sentiments toward retirement What it means to them personally? - Top 2 Box Agree - I believe I am solely responsible for my own retirement (no Social Security, employer pension, inheritance, etc.). I have earned my Social Security through paying Social Security taxes and therefore it is owed to me. It (is/was) very important to me to be able to retire when I (choose/chose) to do so. I'm ok with getting some assistance from my children during retirement. 53% 65% GEN X 45% BOOMER 94% 95% 13% 17% GEN X 10% BOOMER 94% GEN X 93% BOOMER 96% GEN X 95% BOOMER Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q39. When you think about retirement, how much do you agree or disagree with each of the following statements for you personally. 10

11 GenXers rather naively expect to retire earlier than Boomers, and they expect to fund their retirement only slightly longer Age they expect to be when they retire or stop working 64.6 Mean 63.6 Mean 65.5 Mean TOTAL GEN X BOOMER Number of years needed to fund retirement 22.8 Mean 23.4 Mean 22.3 Mean TOTAL GEN X BOOMER The differences in the means for Gen X and Boomers are statistically significant Base: Not retired; Total Respondents (n=808); Gen X (n=421), Baby Boomers (n=370) Q37. How old do you expect to be when you retire or stop working? Q38. How many years do you assume you will need to fund your retirement? 11

12 Gen X is more likely than Boomers to worry about savings holding out, being sandwiched between kids and parents, and healthcare costs in retirement Top 2 Box Agreement with Statements TOTAL GEN X BOOMER I worry that healthcare costs will be too expensive in retirement 84% 89% 83% I started saving at an early age and feel good about what I've put away for retirement 77% 75% 77% (I would like/i wanted) to retire as early as I (can/could) 68% 72% 67% I've talked with friends and/or family about my ideas and plans for retirement 65% 62% 69% I worry that my savings may not hold out for as long as I live 61% 73% 55% I (worry about retiring/am worried about retirement) because I have both kids and older parents to think about 30% 43% 23% (I never/i did not) want to retire because I (like/liked) working 27% 27% 25% Preparing for retirement is the last thing I need to think about - I'm too busy worrying about other things* 15% 19% 11% Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) *Base: Not retired; Total Respondents (n=808); Gen X (n=421), Baby Boomers (n=370) Q40. Please tell me how much you agree or disagree with each of these statements regarding retirement. 12

13 Half of Gen X plan to save more compared to 6 years ago Ways in which thoughts about retirement and retirement planning have changed over the last six years Base: Not Retired I plan to save more for retirement The amount of time and effort devoted to retirement planning 21% 51% The way I prepare for retirement 24% What I plan to do in retirement 17% GEN X I plan to retire later 12% The sources I use for advice on retirement 12% I plan to retire earlier 8% I plan to save less for retirement 1% None of the above 16% Base: Not currently retired; Total Respondents (n=808); Gen X (n=421), Baby Boomers (n=370) Q17. In which of these ways would you say your thoughts about retirement and retirement planning have changed over the last six years? (Select all that apply) 13

14 In contrast, 4 out of 10 Boomers plan to save more but Boomers are more likely to focus on planning aspects Ways in which thoughts about retirement and retirement planning have changed over the last six years Base: Not Retired I plan to save more for retirement The amount of time and effort devoted to retirement planning 29% 37% The way I prepare for retirement 25% What I plan to do in retirement 25% BABY BOOMER I plan to retire later 24% The sources I use for advice on retirement 17% I plan to retire earlier 11% I plan to save less for retirement 1% None of the above 12% Base: Not currently retired; Total Respondents (n=808); Gen X (n=421), Baby Boomers (n=370) Q17. In which of these ways would you say your thoughts about retirement and retirement planning have changed over the last six years? (Select all that apply) 14

15 Multiple Methods of Investing On average, half think they will need $1 million or more saved for retirement. Three-quarters (74%) of Boomers haven t reached that milestone yet. In order to meet their goals most are taking advantage of their employer retirement plans, and many are investing outside of those plans as well. About 86% have access to a 401(k) or comparable program through their employer. Gen X is significantly more likely to have access to a 401(k) or similar plan (90%) than Boomers (81%). 15

16 Gen X expects to need an average of $1.5 million (minimum) for retirement while Baby Boomers average is slightly lower at $1.3 million Minimum amount needed to have saved for retirement Amount currently have saved for retirement In millions $2M In millions $2M $1.4 $1.5 $1.3 $1M $1M $0.7 $0.5 $0.8 $0M TOTAL GEN X BABY BOOMER $0M TOTAL GEN X BABY BOOMER Base: Not retired; Total Respondents (n=808); Gen X (n=421), Baby Boomers (n=370) Q33. What is the minimum amount you think you need to have saved for retirement? Q34. Approximately how much do you currently have saved for retirement? 16

17 Among those with a 401(k) or comparable plan, most are satisfied with it % Who Have a Retirement Plan 86% 90% 81% Satisfaction with current employer s retirement plan and plan features TOTAL GEN X BABY BOOMERS TOTAL 75% 89% 83% 80% 80% 66% Overall Employer match* Performance of the funds The vesting schedule Funds available to invest in Fees on the funds available to you Base: Not retired; Total Respondents (n=808); Gen X (n=421), Baby Boomers (n=370) Q25. How satisfied are you with your current employer s retirement plan (401(k) or similar) overall? Base: Not retired and have retirement plan; Total Respondents (n=703); Gen X (n=384), Baby Boomers (n=307) *Base: Not retired, have retirement plan and employer match; Total Respondents (n=495); Gen X (n=290), Baby Boomers (n=196) Q30. Please rate the following elements of your current employer s retirement plan. 17

18 The majority say they invest enough to receive the full employer match if it is offered and they know what the employer match amount is Employer offers a match Yes No Don t know/not sure TOTAL 4% 26% 70% 7 in10 who have an employer sponsored plan are offered an employer match Knows amount of match Yes, I know what it is Have a general idea Have a vague idea 84% Nearly all have an idea of what their match is 12% TOTAL 2% Base: Not retired and have retirement plan; Total Respondents (n=703), Gen X (n=384), Baby Boomers (n=307) Q26. Does your employer offer a match? Base: Not retired, have retirement plan and employer match; Total Respondents (n=495), Gen X (n=290), Baby Boomers (n=196) Q27. Do you know what your employer match is? 18

19 The employer match is critical to achieving retirement savings goals Approach to investing with employer matching program I think I'm investing enough to receive the full match, but I'm not positive I invest as much as I can, but I do not receive the full match I make sure to invest enough to receive the full match from my employer Importance of employer match 9 in10 cite employer match is important to overall retirement savings 6% 8% GEN X 3% BOOMER 2% 3% GEN X 1% BOOMER 91% TOTAL Important (Net) 93% Very important 68% Somewhat important 24% Not Important (Net) 7% GEN X: 89% BABY BOOMER: 94% Base: Not retired, have retirement plan and have vague, general, or know employer match; Total Respondents (n=489); Gen X (n=289), Baby Boomers (n=191) Q28. Considering your employer match, which of the following best describes your approach to investing in your current employer s retirement plan (401(k) or similar)? Base: Not retired, have retirement plan and employer match; Total Respondents (n=495), Gen X (n=290), Baby Boomers (n=196) Q29. How important is the employer match to your overall retirement savings? 19

20 The number of Americans with pensions are decreasing, as is the contribution amount of pensions to retirement income Will or do receive a pension Contribution pension will/does make to retirement 35% 53% 46% 57% Large contribution Moderate contribution 28% 39% 34% 34% 35% 29% TOTAL GEN X BOOMER Small contribution 26% 34% Have had pension cut or retirement benefts reduced 16% 18% 16% Uncertain about pension being or remaining available/solvent 2% 1% 4% TOTAL GEN X BABY BOOMER Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q52. Will you/do you receive a pension from your employer (government, private company, or other institution) when you retire? Base: Receive pension; Total Respondents (n=542), Gen X (n=197), Baby Boomers (n=290) Q53. Which of the following best describes your pension? Select only one response. Q54. Have you ever had your pension cut or retirement benefts reduced? 20

21 On average the people in this survey invest 11% in their employer s retirement plan and another 9% (average) specifically for retirement outside of their employer s plan % Of those who have an employer sponsored retirement plan: Percentage of salary investing in employer s retirement plan: Mean: 11% Percentage of salary saving and investing specifically for retirement outside of an employer s retirement plan: Mean:9% See detailed chart in Appendix Base: Not retired and have retirement plan; Total Respondents (n=703), Gen X (n=384), Baby Boomers (n=307) Q31. What percentage of your salary are you investing in your employer s retirement plan? Base: Not retired; Total Respondents (n=808); Gen X (n=421), Baby Boomers (n=370) Q32. What percentage of your salary are you saving and investing specifically for retirement outside of an employer s retirement plan? 21

22 Few are cashing out 401(k)s, but six in ten have rolled a 401(k) account into an IRA, and four in ten have consolidated accounts Have cashed out a 401(k) or 403(b) account when they left an employer Have rolled a 401(k) or 403(b) account into an IRA Have consolidated accounts 60% 53% 64% 39% 38% 39% 21% 19% 23% TOTAL GEN X BOOMER TOTAL GEN X BOOMER TOTAL GEN X BOOMER Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q48. Have you ever cashed out a 401(k) or 403(b) account when you left an employer? Base: Have more than one account; Total Respondents (n=984), Gen X (n=417), Baby Boomers (n=489) Q49. Have you ever rolled a 401(k) or 403(b) account into an IRA? Q50. Have you ever consolidated accounts? 22

23 Gen X is more likely to say one or more of their accounts is a Roth IRA as a reason for not consolidating accounts Yes No DK/Not sure Have ever consolidated accounts 39% 38% 39% 59% 61% 59% 2% 1% 2% TOTAL GEN X BABY BOOMER Reasons for not consolidating accounts TOTAL GEN X BABY BOOMER One account (or more) is a Roth IRA 44% 51% 39% Want to keep accounts with different financial institutions I manage my investments by having multiple accounts 40% 38% 42% 38% 34% 42% Haven't ever thought about it 6% 8% 5% Haven't had time to do it 4% 5% 3% DK/Not sure 4% 4% 4% Base: Have more than one account; Total Respondents (n=984), Gen X (n=417), Baby Boomers (n=489) Q50. Have you ever consolidated accounts? Base: Have three or more accounts; Total Respondents (n=340), Gen X (n=134), Baby Boomers (n=178) Q51. You said that you have [FILL WITH NUMBER OF ACCOUNTS] retirement accounts. Why haven t you consolidated them? Please select all that apply. 23

24 About half of Gen X rate their investment portfolio as aggressive Term that best describes HH total savings and investment portfolios 3% 5% 1% Very aggressive Moderately aggressive Balanced Conservative Very conservative 38% 41% 46% 35% 37% 41% 41% 46% 34% 14% 18% 16% 20% 13% 17% 4% 4% 4% TOTAL GEN X BABY BOOMER Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q8. Thinking of all your savings and investments, how would you describe your household s total savings and investment portfolio: 24

25 Boomers are more likely to prefer actively managed funds while Gen X prefers passively managed index funds Preference in active/passive stock funds 48% 44% 42% 39% 38% 35% Actively managed funds: Baby Boomers Those with $500k or more in total assets Have a financial advisor Rarely procrastinate over financial matters 18% 20% 17% Passively managed funds: Gen X Males, particularly Gen X Males No financial advisor Actively managed funds Passively managed (index) funds Don't know the difference TOTAL GEN X BABY BOOMER Don t know the difference Females (28% of Gen X Females and 23% of Female Boomers) Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q11. To the extent you invest using stock mutual funds, do you prefer to invest in actively managed funds or passively managed funds (also called index funds)? 25

26 Appendix Additional Data 26

27 On average the people in this survey who have an employer retirement plan invest 11% of their salary in their employer s retirement plan and another 9% (average) specifically for retirement outside of their employer s plan % Percentage of salary investing in employer s retirement plan Percentage of salary saving and investing specifically for retirement outside of an employer s retirement plan Mean %: 11% 10% 12% Mean %: 9% 9% 10% 16% 11% 7% 8% 7% 23% 6% 5% 6% Greater than 15% 11% Greater than 20% 11% 15% 10% 20% 9% 11% 31% 29% 34% 11% to 14% 6% to 19% 7% 17% 19% 10% 5% 13% 14% 6% to 9% 1% to 4% 15% 17% 19% 20% 5% 17% Zero percent 18% 17% 1% to 4% 16% 10% 11% 9% DK/Not sure Zero percent 7% 5% 9% 15% 17% 13% 7% 8% DK/Not sure 5% 5% 4% 6% 8% 9% 7% TOTAL GEN X BOOMER TOTAL GEN X BOOMER Base: Not retired and have retirement plan; Total Respondents (n=703), Gen X (n=384), Baby Boomers (n=307) Q31. What percentage of your salary are you investing in your employer s retirement plan? Base: Not retired; Total Respondents (n=808); Gen X (n=421), Baby Boomers (n=370) Q32. What percentage of your salary are you saving and investing specifically for retirement outside of an employer s retirement plan? 27

28 Over half are on target their retirement savings goals expectations How well are they meeting retirement savings goals 2% 1% 7% 12% I am doing better than I expected Approximately where I expected to be Somewhat behind where I expected to be Far worse than where I expected to be Don't have specific retirement savings goals right now DK/Not sure 35% 43% Base: Not retired; Total Respondents (n=808) Q35. How would you rate yourself in terms of how well you are meeting your retirement savings goals? Select one. 28

29 Gen X and Boomers have had a similar number of jobs; as Gen Xers age will they overtake Boomers? Average number of jobs held in adult working life 4.7 TOTAL 4.5 Gen X 4.9 Boomer Number of different 401(k), 403(b), IRA or similar retirement accounts held 2.3 TOTAL 2.2 Gen X 2.3 Boomer Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q46. How many jobs have you had in your adult working life? Q47. How many different 401(k), 403(b), IRA or similar retirement accounts do you have? 29

30 Nine out of ten say they stayed in the market during the recession and most (six in ten) stuck with their investment strategy and did not alter it Action taken at start of Great Recession TOTAL GEN X BABY BOOMER Stayed in the market (Net) Pulled out of the market (Net) 89% 8% 2% 90% 3% 7% 89% 2% 9% DK/doesn't apply Change in typical investment amount if stayed in market 61% 57% 62% Much more A little more The same A little less Much less 24% 5% 19% 15% 5% 11% 28% 6% 22% 14% 4% 10% 22% 5% TOTAL GEN X BABY BOOMER 18% 16% 5% 11% Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q13. Thinking back six years to the start of the Great Recession, what actions did you actually take in 2009 with your long-term investments? Select the one that describes you best. Base: Ask if stayed in the market; Total Respondents (n=908); Gen X (n=384), Baby Boomers (n=450) Q14. Did you invest more or less than your typical investment amounts when the market was low during the Great Recession? 30

31 Baby Boomers are more likely to think of their investments as a single portfolio while Gen X divides investments into different categories Statement that best describes how savings and investment portfolio is organized 35% 32% 32% 26% 33% 33% 28% 31% 25% 8% 9% 7% I think of my investments as one single portfolio I divide my investment approach between retirement and all other I divide my investments into several different categories that are treated differently depending on purpose Don t have any particular way of organizing TOTAL GEN X BABY BOOMER Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q9. Which of these three statements best describes how you organize or think about your total portfolio of savings and investments: 31

32 Gen X is more heavily invested in stocks Portfolio asset allocation (Mean %) 55% 58% 53% 26% 25% 26% 12% 10% 13% 8% 7% 8% TOTAL GEN X BABY BOOMER Stocks or stock mutual fund Bonds or other fixed income investments Real estate investments Other Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q10. Thinking about your total portfolio of savings and investments today, about what portion would you estimate is in stocks or stock mutual funds, and what portion is in bonds of any kind or other fixed income investments (including bank accounts, certificates of deposit, etc.)? A rough estimate is fine. 32

33 About one-third review their financial information a few times a year, another third review it monthly, and nearly one-third review it more often than once a month Frequency of monitoring personal savings and investment information 34% 32% 33% 32% 31% 32% 31% 29% 26% 6% 9% 4% I review my financial information about once a year at tax time I review my financial information a few times a year I review monthly, often when I receive my statements from financial institutions I review more often than once a month TOTAL GEN X BABY BOOMER Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q42. Which of the following best describes how often you monitor your personal savings and investment information? Select one. 33

34 Most admit to procrastinating over financial matters at least some of the time Degree they procrastinate over financial matters I rarely or never procrastinate over financial matters I occasionally procrastinate over financial matters I sometimes procrastinate over financial matters 18% 5% 36% Those with higher assets are more likely to say they rarely or never procrastinate over financial matters I often procrastinate over financial matters 41% Base: Total Respondents (n=1,017) Q45. People procrastinate in various areas of their life. How much of a procrastinator are you over financial matters? 34

35 On average successful savers say they have banking, investment, and retirement savings accounts at 3.7 institutions Average number of institutions is nearly 4 Mean TOTAL GEN X BABY BOOMER Base: Total Respondents (n=1,017), Gen X (n=426), Baby Boomers (n=506) Q24. Thinking about all the banking, investment and retirement savings accounts you have, at how many different institutions do you have those types of accounts? 35

36 Financial considerations are top priority for most in terms of timing retirement; Boomers are more likely than Gen X to also focus on enjoyment of work (or lack thereof) Reasons for planning on retiring earlier* Have saved or will have saved enough for retirement TOTAL GEN X BABY BOOMER 62% 69% 55% I am tired of working 47% 31% 63% My friends/family are beginning to retire and I want to join them Changes at employer and want to retire sooner 16% 9% 23% 12% 6% 18% A health issue of my own 11% 6% 15% Health issues of a family member 3% 6% - Other 7% 6% 5% *Note: Small bases Planned Retirement Reasons for planning on retiring later Need to save more for retirement I want to keep earning money rather than living off my retirement income I want to work as long as I am healthy TOTAL GEN X BABY BOOMER 52% 54% 53% 50% 52% 51% 41% 31% 46% I enjoy working 34% 21% 40% I like the mental stimulation of working I have to reach a certain age before I can retire Lost a lot of money in the Great Recession Changes at employer that encourage me to stay longer 31% 25% 33% 21% 25% 20% 17% 15% 19% 6% 4% 8% Other 8% 6% 9% Base: Not currently retired and plan to retire later; Total Respondents (n=145); Gen X (n=52), Baby Boomers (n=89) Q18. Why are you planning to retire later? Please select all that apply. Base: Not currently retired and plan to retire earlier; Total Respondents (n=76); Gen X (n=35), Baby Boomers (n=40) Q19. Why are you planning to retire earlier? Please select all that apply. 36

37 Half of Gen X plan to save more compared to 6 years ago; Boomers are more likely to focus on planning aspects Ways in which thoughts about retirement and retirement planning have changed over the last six years Base: Not Retired I plan to save more for retirement The amount of time and effort devoted to retirement planning 25% 21% 29% 37% 44% 51% The way I prepare for retirement 24% 24% 25% TOTAL GEN X BABY BOOMER What I plan to do in retirement I plan to retire later The sources I use for advice on retirement 21% 17% 25% 18% 12% 24% 14% 12% 17% I plan to retire earlier 9% 8% 11% I plan to save less for retirement 1% 1% 1% None of the above 14% 16% 12% Base: Not currently retired; Total Respondents (n=808); Gen X (n=421), Baby Boomers (n=370) Q17. In which of these ways would you say your thoughts about retirement and retirement planning have changed over the last six years? (Select all that apply) 37

38 Background, Objectives and Methodology 38

39 Methodology The Spring 2015 quantitative survey was fielded online February 13 to 25, 2015 with 1,017 participants who met the following criteria: Have total investable assets of at least $100K if age 45 or older, or $50K if age 35 to 44 Make all or are equally involved in making the long term financial investment decisions for their household Age 35 to 75 Approximately 20 percent of participants are retired (n=209) The sample reflects Successful Savers About one in five (18 percent) have total investable assets of $1 million or more Roughly one in ten (10 percent) have liquid investable assets of $1 million or more Findings are significant at the 95 percent confidence level with a margin of error of +/- 3 percent for results reported on the total sample 39

40 Definitions This report investigates attitudinal and behavioral differences between Generation X and Baby Boomers. The Silent Generation is included in the total, however, the report focuses on Generation X and Baby Boomers. GENERATION X Born 1965 to 1979 Currently Age About 61 million in US Recession in early 90 s, 24-hr TV Pragmatic, Self Reliant, Flexible BABY BOOMERS Born 1946 to 1964 Currently Age About 77 million in US Civil Rights, Vietnam War Ambitious, Materialistic, Optimistic SILENT GENERATION Born 1925 to 1945 Currently Age 69-89* About 34 million in US WWII, Korean War Responsible, Disciplined, Loyal *The upper age limit for this study is age 75 40

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