Still struggling after the Great RecessionBy Andrew Rickard | August 25 2016 01:30PM
In a recent survey, Americans from all generations expressed concern about their retirement prospects.
The Transamerica Center for Retirement Studies (TCRS) has released a report which evaluates the retirement outlook of American workers by generation. This is the 17th annual TCRS retirement study, one of the longest-running national surveys of its kind in the United States, and it reveals widespread concern for the future.
The Great Recession took a severe toll on workers' retirement plans: 61% of those surveyed said they have not fully recovered from its effects, including 41% who have somewhat recovered, 13% who have not yet begun to recover, and 7% who indicated that they may never recover.
The survey also found that 45% of Baby Boomers are expecting a decrease in their standard of living when they retire, 83% of Generation X workers believe that their generation will have a harder time achieving financial security than their parents' generation, and just 18% of Millennials are very confident about their future retirement.
"Although the Great Recession ended years ago, millions of Americans are still regaining their financial footing. As each year passes, people's fears about our current retirement system come more sharply into focus." says TCRS president Catherine Collinson.
Collinson notes that more than one in three American workers are attempting to prop up the U.S. retirement system's "three-legged stool" (i.e., Social Security, employer-sponsored retirement benefits, and personal savings ) by adding a fourth leg: 38% of respondents plan to keep working during retirement, and 15% expect it to be their primary source of income.