This article by the NRMLA sheds light on this survey by the Transamerica Center for Retirement Studies® exploring the retirement outlook on four generations - Generation Z, Millennials, Generation X, and Baby Boomers, finding that 41% of workers think that future generations of retirees will be worse off than those currently in retirement.
- Nearly half of Baby Boomer workers are eyeing retirement past 70 or not planning to retire at all
- When it comes to income sources, 41% are banking on Social Security, while 39% are pinning their hopes on 401(k)s, 403(b)s, IRAs, or other savings and investments
- Baby Boomer workers have saved an estimated median of $289,000 for retirement but only have a median of $25,000 in emergency savings
And the biggest fears include outliving savings, declining health and long-term care, and the uncertain future of Social Security - the need for robust retirement planning becomes clear.
Reverse Mortgages can be a game-changer – help address the concerns about these uncertainties and explore how Reverse Mortgages can add security and flexibility to your clients’ retirement strategies.
