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Personal Savings Will Fund Gen-X Retirement April 12, 2006 (SmartPros) Members of Generation X understand that Social Security and pensions may evaporate by the time they leave the workforce and instead are looking to themselves to fund their retirement, suggests a new poll conducted by Harris Interactive for the American Institute of Certified Public Accountants (AICPA). Generation X represents more than 29 million adults born between 1964 and 1980. More than half the Gen-Xers surveyed (55 percent) indicated they will rely on savings and investments to carry them through their golden years. Sixty-five percent don't expect Social Security to be a retirement option, and slightly more (68 percent) don't see pensions as a safety net, either. "The message is getting through to Generation X consumers about taking control of their own financial futures," said Carl George, CPA, Chair of the AICPA's National CPA Financial Literacy Commission and CEO of Clifton Gunderson LLP. "As a result, they intend to draw on personal savings and investments for retirement, unlike many of their baby boomer elders." 2006 SmartPros Ltd. All rights reserved. |
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