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Gen Xers Win Title of 'Most Worried’ About Retirement

Generation Xers were slammed by the financial crisis and are now worried about the stability of their jobs. Those are reasons enough for it to be dubbed 'The Worried Generation', said Erik Merkau, executive vice president and brokerage president at Scottrade Investment Management. 'That generation has been through a great deal of emotional trauma in both their financial and personal lives,' said Merkau, adding that they also deal with the stress of seeing their own parents struggle to stay solvent. According to Scottrade’s 2016 American Investor Report, more than half of Generation X plans to work in retirement to supplement their income. Furthermore, they are the most likely generation to say they want to work part-time in retirement. Also, the survey showed that 38% of Gen Xers rate their top stress as being concerned over not having enough money to pay their bills. Merkau said the reason for the stress is because Generation X is being hit with a 'double whammy.' 'The market did not help over the first portion of their financial lives,' said Merkau. 'And all of the financial bills that are coming in, as they are saving and paying for education, makes it hard for them to tuck money away.' Gen Xers find themselves sandwiched between paying off their own student loans and saving for their children’s education while trying to save for retirement, according to Scottrade’s survey. Nearly half say a job loss would delay their retirement plans – far more than any other generation. Meanwhile, the survey revealed that a large majority of Millennials deposit money toward their investment goals on a regular, scheduled basis throughout the year. In fact, Merkau said millennials saved for the future far more consistently than their older counterparts. 'Millennials are more disciplined about saving for retirement than Baby Boomers were early in their careers and Generation X is today,' said Merkau, adding that automatic enrollment into 401k accounts certainly helps millennials with their saving discipline.

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