About the Survey

Rethinking & Reinventing

A retirement revolution is underway in America – a quiet but powerful upheaval in long-established beliefs about how we will spend this "third act" of our lives.

Schwab's Rethinking Retirement Survey polled representatives of Generation Y (ages 13-31), Generation X (ages 32-43), Baby Boomers (ages 44-62) and the Silent Generation (ages 63-83). Here's what we heard:

Most Americans surveyed optimistically view retirement not as a time to wind down, but as an opportunity for a new, exciting chapter in life.

Q: Which of the following statements do you agree with most? Retirement is...	Total	Gen Y	Gen X	Baby Boomers	Silent Generation
...An opportunity for a new, exciting chapter in life	52%	46%	56%	55%	48%
...A time for rest and relaxation	28%	41%	29%	22%	20%
...A continuation of what life was	13%	7%	8%	17%	20%
...A winding down of life	7%	5%	7%	7%	13%

Younger people surveyed are concerned their retirement won't measure up to previous generations.

Q: Which of the following statements do you agree with more?	Total	Gen Y	Gen X	Baby Boomers	Silent Generation
My generation will have a better life in retirement than previous generations.	51%	41%	38%	49%	72%
Previous generations had/will have a better life in retirement than my generation.	49%	59%	62%	51%	28%

More than half of Americans surveyed are either "minimally prepared" or haven't even started to prepare for retirement yet.

Q: Which of the following statements best describes your preparation for retirement?	Total	Gen Y	Gen X	Baby Boomers	Silent Generation
I have actively planned and am confident I will have sufficient funds.	19%	9%	12%	18%	35%
I have actively planned but am worried I will not have sufficient funds.	27%	20%	32%	32%	26%
I have minimally prepared but am confident I will have sufficient funds.	16%	18%	15%	14%	16%
I have minimally prepared and am worried I will not have sufficient funds.	24%	24%	27%	26%	19%
I haven't started preparing for retirement yet.	15%	29%	14%	9%	4%

At least $500,000 will be required to live comfortably in retirement, according to the survey's median response. That's twice the median net worth of today's pre-retirees.

Q: How much retirement savings do you think the average American needs to be able to retire comfortably?	Total	Gen Y	Gen X	Baby Boomers	Silent Generation
Less than $100,000	14%	14%	14%	13%	13%
$100,000-$299,999	23%	23%	23%	22%	31%
$300,000-$499,999	5%	6%	4%	6%	6%
$500,000-$699,999	18%	22%	13%	20%	20%
$700,000-$899,999	5%	3%	7%	5%	4%
$900,000-$1,999,999	22%	19%	26%	23%	17%
$2 million to $4.99 million	6%	6%	7%	6%	3%
$5 million plus	7%	6%	5%	6%	6%
Median	$500,000	$500,000	$500,000	$500,000	$400,000

"Living within my means" and "investing wisely" are the top two strategies for achieving a financially secure retirement, according to the survey.

Q: Which of the following do you think have been/are extremely important to achieving financial security in your retirement?	Total	Gen Y	Gen X	Baby Boomers	Silent Generation
Living within my means in retirement	40%	28%	35%	45%	56%
Investing wisely	39%	47%	44%	32%	25%
Living within my means during my working years	34%	37%	38%	32%	33%
Having a workable plan for my retirement	26%	28%	31%	28%	19%
Working at a job that provides/provided a good pension for my retirement	25%	26%	21%	24%	29%
Retiring later or working in retirement	13%	8%	10%	18%	14%
Getting sound financial advice from someone I trust	10%	10%	10%	9%	10%

Other Resources

Market Insight: "How Much Should You Save For Retirement?" on schwab.com offers suggestions for all generations.
Retirement Planning: "Saving for Retirement" on schwab.com provides guidelines for action.
U.S. Department of Labor: The Employee Benefits Security Administration links to government publications and reports.

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