"Retirement Worries Grow; 30-Somethings Most Uneasy"

[Gaze]

What do you think? Is 30-something the new middle age? Are worries about retirement creating a new midlife crisis for 30 somethings?

Retirement Worries Grow; 30-Somethings Most Uneasy

ABC OTUS News – Mon, Oct 22, 2012
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Younger Americans in their 30s are now the group most likely to doubt they will be financially secure after retirement, a shift from three years ago when baby boomers nearing retirement age expressed the greatest worry.

The survey findings by the Pew Research Center reflect the impact of a weak economic recovery that has shown stock market gains while housing values remain decimated.

As a whole, retirement worries rose across all age groups. Roughly 38 percent of adults say they are "not too" or "not at all" confident that they will have enough for retirement, up from 25 percent in 2009.

Pew found that retirement worries peaked among adults in their late 30s. Three years ago, it was boomers ages 51 to 55 who had the most anxiety.

 

[bamf]

I'm worried about retirement and I haven't even started my career. They just cut retirement healthcare for teachers in my state, and I'll be a newly certified teacher in a few months. Things are scary, especially when you combine an unsure retirement with massive student debt.

 

[Gaze]

I'm worried about retirement and I haven't even started my career. They just cut retirement healthcare for teachers in my state, and I'll be a newly certified teacher in a few months. Things are scary, especially when you combine an unsure retirement with massive student debt.

yep. Many 20 and 30 somethings are experiencing a sense of frustration and desperation that previous generations did not because of unemployment or underemployment, loss of job stability, little or no savings, and as you said, huge student debts which most may not be able to fully repay or will still be repaying in their 40s or 50s unless their income drastically improves. So, with all that, to even think about retirement is tough.

 

[Azazel]

I've been having this fear for years, since I've graduated high school. I think it only gets worse with time, I don't trust the government, I don't think anyone would care when I'm old. The only problem is that I don't know when I'm going to start saving anything on the side because I live more or less in the "zero" right now, which is, of course, better than being in the minus but still...

 

[MindYourHead]

I'm 51, and have just come to accept that I will have to work until I drop dead. If I don't great. But I have no expectations of kicking back unless the company lottery pool hits the big one.
I think the article reflects younger people are just starting to really think about it, and haven't come to accept it yet.

 

[CindyLou]

A deferred SIMPLE IRA contribution lets you contribute from your gross income before taxes which works out well if you need every dollar in your weekly or monthly budget.