By: Russ Kamp Managing Director, Ryan ALM, Inc.

As a follow-up to the blog from Friday, Transamerica Center for Retirement Studies and Transamerica Institute released a retirement preparedness study this past Thursday. None of the four generations studied – Boomers, Gen X, Millennials, and Gen Z – are in good shape, but the Gen X folks are in the most dire situation. They are often referred to as the “sandwich” generation as a result of beginning their careers in the 80s and 90s when DB plans were being phased out and before DC plans were widely understood and offered.

According to the Transamerica study, only 17% of the Gen X cohort (born 1965-1980) believe that they are adequately prepared for retirement, and they are right based on the fact that the median retirement household savings is only $82,000 compared to Boomers at $289,000. Early Gen Xers are not to far off from beginning to “retire”, but can they?

I’m highlighting the Gen X group, but none of the four generational cohorts are in good shape. Somewhat surprising is the Boomers confidence level at only 21%, as many (not most) had exposure to a DB plan, while 27% of Millennials and 23% of Gen Z members feel prepared. That means that a whole lot of Americans (70+%) don’t feel that a retirement is in their futures, let alone a dignified one. So sad!