Comments on: New Schwab Survey: Gen-X’ers Facing Significant Roadblocks on the Road to Saving for Retirement http://genxfinance.com/2007/03/05/new-schwab-survey-gen-xers-facing-significant-roadblocks-on-the-road-to-saving-for-retirement/ Helping a unique generation achieve financial independence. Sat, 20 Mar 2010 15:15:15 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: The Simple Dollar » The Simple Dollar Morning Roundup: Chupa Chups Edition http://genxfinance.com/2007/03/05/new-schwab-survey-gen-xers-facing-significant-roadblocks-on-the-road-to-saving-for-retirement/#comment-1494 The Simple Dollar » The Simple Dollar Morning Roundup: Chupa Chups Edition Tue, 06 Mar 2007 13:30:55 +0000 http://genxfinance.com/2007/03/05/new-schwab-survey-gen-xers-facing-significant-roadblocks-on-the-road-to-saving-for-retirement/#comment-1494 [...] New Schwab Survey: Gen X’ers Facing Significant Roadblocks on the Road to Saving for Retiremen... What’s this? Charles Schwab is now actually saying the same thing that I’ve been saying for a long time: everyone younger than the Boomers is facing a pretty raw deal. (@ generation x finance) [...] [...] New Schwab Survey: Gen X’ers Facing Significant Roadblocks on the Road to Saving for Retiremen… What’s this? Charles Schwab is now actually saying the same thing that I’ve been saying for a long time: everyone younger than the Boomers is facing a pretty raw deal. (@ generation x finance) [...]

]]> By: Ben http://genxfinance.com/2007/03/05/new-schwab-survey-gen-xers-facing-significant-roadblocks-on-the-road-to-saving-for-retirement/#comment-1487 Ben Tue, 06 Mar 2007 05:39:16 +0000 http://genxfinance.com/2007/03/05/new-schwab-survey-gen-xers-facing-significant-roadblocks-on-the-road-to-saving-for-retirement/#comment-1487 Sad news, I guess many of these people need to read your site. I agree with LAMoneyGuy, the articles about people saving too much were pretty much off base. Sad news, I guess many of these people need to read your site. I agree with LAMoneyGuy, the articles about people saving too much were pretty much off base.

]]> By: Jeremy http://genxfinance.com/2007/03/05/new-schwab-survey-gen-xers-facing-significant-roadblocks-on-the-road-to-saving-for-retirement/#comment-1481 Jeremy Mon, 05 Mar 2007 20:34:28 +0000 http://genxfinance.com/2007/03/05/new-schwab-survey-gen-xers-facing-significant-roadblocks-on-the-road-to-saving-for-retirement/#comment-1481 I didn't check into the recent articles reporting that people are saving adaquately, but I think they are off base. I meet with people in almost every demographic on a daily basis and I would say that less than 25% of these people have enough money saved up to help support their retirement needs. The typical 40-50 year old I meet with has under 50k saved in their retirement accounts, still carry a mortgage and have this expectation that they will be able to retire "early" at 60. I don't know how they expect to retire on that. Sure they may receive a little social security (but not for a while after they retire at 60) and a bit of a pension (again, full benefits at 65) and under $100,000 in retirement accounts when they are currently making $50-60k a year. I'm sure they could pull it off, but it would not be an ideal retirement by any means. One trend I have noticed though is that the younger workers (Generation X) who do actually participate in their employer's retirement plan are in a far better situation than their elders as far as savings go. They may not have a terribly large account but the early start and 5-8% savings over their longer time frame will put them in what could be considered an adequate retirement savings. The real problem with this generation is simply the percentage of people who are actually saving. Those who are saving are doing so well, but unfortunately many more are not saving at all and would rather put it off or concentrate on other things. I didn’t check into the recent articles reporting that people are saving adaquately, but I think they are off base. I meet with people in almost every demographic on a daily basis and I would say that less than 25% of these people have enough money saved up to help support their retirement needs.

The typical 40-50 year old I meet with has under 50k saved in their retirement accounts, still carry a mortgage and have this expectation that they will be able to retire “early” at 60.

I don’t know how they expect to retire on that. Sure they may receive a little social security (but not for a while after they retire at 60) and a bit of a pension (again, full benefits at 65) and under $100,000 in retirement accounts when they are currently making $50-60k a year. I’m sure they could pull it off, but it would not be an ideal retirement by any means.

One trend I have noticed though is that the younger workers (Generation X) who do actually participate in their employer’s retirement plan are in a far better situation than their elders as far as savings go. They may not have a terribly large account but the early start and 5-8% savings over their longer time frame will put them in what could be considered an adequate retirement savings.

The real problem with this generation is simply the percentage of people who are actually saving. Those who are saving are doing so well, but unfortunately many more are not saving at all and would rather put it off or concentrate on other things.

]]> By: LAMoneyGuy http://genxfinance.com/2007/03/05/new-schwab-survey-gen-xers-facing-significant-roadblocks-on-the-road-to-saving-for-retirement/#comment-1474 LAMoneyGuy Mon, 05 Mar 2007 15:43:42 +0000 http://genxfinance.com/2007/03/05/new-schwab-survey-gen-xers-facing-significant-roadblocks-on-the-road-to-saving-for-retirement/#comment-1474 So much for the recent stores that suggested that we are saving too much! That was the biggest nonsense that I have seen in a while. Given the age ranges, this is quite shocking. I would not be surprised to see 18-30, but somewhere between 25-40 is when people need to get it together. So much for the recent stores that suggested that we are saving too much! That was the biggest nonsense that I have seen in a while. Given the age ranges, this is quite shocking. I would not be surprised to see 18-30, but somewhere between 25-40 is when people need to get it together.

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