According to a survey conducted by the Transamerica Center for Retirement Studies (TCRS), two-thirds of American Baby Boomers plan to work past age 65 or do not plan to retire at all. This statistic is likely a reflection of the discrepancy that exists between the estimated $600,000 average amount needed for retirement and the fact that Baby Boomers' median retirement savings amounted to only $147,000.
Members of the slightly younger Generation X (born between 1965 and 1984) face even greater retirement challenges. The same TCRS survey shows that only 12 percent of Xers are confident that they will be able to fully retire with a comfortable lifestyle. While individuals in this demographic have not been saving for retirement as long as the Boomers, their average savings are meager. Their average total household retirement savings amount to only $69,000.
With the future of Social Security uncertain and older Americans still working and trying to build their retirement savings back up following the Great Recession, one thing is certain: retirement is sure to look very different for Baby Boomers, Generation X and ensuing generations.