Aug 3, 2020
In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about the TransAmerica Center for Retirement Studies survey, how Baby Boomers, Generation X, and Millenials are approaching retirement.
00:41 – Bill Bush and Andy Bush talks about the the TransAmerica Center for Retirement Studies survey.
02:18 – How confident are Baby Boomers are about retirement after COVID-19.
04:11 – Age 35 is the median age that Baby Boomer investors started saving for retirement.
04:45 – Baby Boomers are contributing 10% of their annual income.
06:02 – 68% either expect to or are already working past the age of 65.
06:30 – $144,000 is the average saved by Baby Boomers for retirement.
08:00 – How much of Generation X carries credit card debt and how much are they saving?
10:00 – How confident is Generation X about retirement after COVID-19.
11:39 – Student loan debt is a big issue for Millenials.
12:47 – Age 24 is when Millenials are saving for retirement and $3000 is the average amount saved for emergencies.
3 Key Points: