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
- 00:41 – Bill Bush and Andy Bush talks about the the
for Retirement Studies survey.
- 02:18 – How confident are Baby Boomers are about retirement
- 04:11 – Age 35 is the median age that Baby Boomer investors
saving for retirement.
- 04:45 – Baby Boomers are contributing 10% of their annual
- 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
- 08:00 – How much of Generation X carries credit card debt and
are they saving?
- 10:00 – How confident is Generation X about retirement after
- 11:39 – Student loan debt is a big issue for Millenials.
- 12:47 – Age 24 is when Millenials are saving for retirement and
the average amount saved for emergencies.
3 Key Points:
- TransAmerica Center for Retirement Studies survey has
retirement data on Baby Boomers (1946-1964), Generation X
(1964-1978), and Millenials (1979-2000).
- 84% of Baby Boomers are saving for retirement in a
company-supported 401(k) plan or similar plan outside of the
- 52% of Generation X has credit card debt, starting to save for
retirement at the median age of 30, and 10% of annual salary is
- “32% of the Baby Boomers say their confidence in their ability
to retire comfortably has declined in light of COVID-19.” – Bill
- (Baby Boomers) “$15,000 is the amount saved for emergencies to
cover unexpected major financial setbacks.” – Bill Bush
- (Millennials) “26% do have student loan debt of this age
cohort, which is quite a bit.” – Bill Bush