NEW YORK -- A research report by the Pew Charitable Trusts says younger baby boomers and Generation Xers face an uncertain retirement because of reduced savings, high levels of debt, and losses during the recent recession.
The study found that members of Generation X, who are between 38 and 47 years old, lost almost half their wealth between 2007 and 2010. Young baby boomers, who are between 48 and 57, lost more money but a smaller portion of their overall wealth. The report says both groups are struggling to save enough money for retirement and are lagging older groups in terms of savings. They also hold more debt than those groups did at similar points in their lives.
"Early boomers may be the last cohort on track to retire with enough savings and assets to maintain their financial security through their golden years," said the authors.
The report takes into account financial assets such as savings accounts and retirement accounts, nonfinancial assets like business properties, and home equity minus debt.
According to the report, Gen Xers lost 45 per cent of their wealth during the recession.
-- The Associated Press