“Gen Xers, millennials have less saved for retirement than previous generations: survey”

“Gen Xers, millennials have less saved for retirement than previous generations: survey,” by Kathleen Steele Gaivin, McKnight’s Senior Living

Quote:

“A national survey finds that members of Generation X (those born between 1965 and 1981) and millennials (born between 1981 and 1996) are more worried about retirement than the previous generations. Members of those two generations especially are concerned about their retirement security in the wake of the COVID-19 pandemic, according to the National Institute on Retirement Security. They were much more likely to spend down their ‘rainy day’ funds during the public health emergency, results show. … According to the research, three-fourths of all generations agree that Washington, D.C., politicians need to give retirement a higher priority. Most Americans, regardless of generational ties, support increasing contributions to Social Security, with the broadest support coming from millennials.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

How ironic. Gen-X and Millennials are in financial trouble because Social Security and Medicare drained them dry supporting their parents. Now they want more of the same which will trap their progeny in the same downward spiral of economic dysfunction.