Page 3 - Financial Solutions for the 21st Century
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The Millennial generation (born between 1981 – 1996) will overtake Baby Boomers as the largest adult population group in the United States, expected to reach 73 million in 2019.1
58% of millennials have under $5,000 in a savings account, about 19% have between $5,000 and $15,000, and 11% have between $15,000 and $50,000.2
Although they begin saving earlier than other generations, 66% have nothing saved for retirement.3
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Generation X is a smaller group sandwiched between Millennials and Baby Boomers and now mostly middle aged - will finally outnumber Baby Boomers 2028.1
Their overall debt load is the highest of any generation. Not only is their credit card debt higher than any other generation, those between ages 35-44 have an average overall debt of $152,400.4
The median retirement savings for Generation X is only $35,000.4
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Baby Boomers are putting pressure on the U.S. health-care system and Medicare costs. According to the Census Bureau, by 2030, when “all Baby Boomers will be older than age 65,” 1 in 5 U.S. residents will be of retirement age.5
10,000 Baby Boomers hit age 65 every day and their median retirement savings is just under $180,000. 45% of this Baby Boomers have zero savings for retirement, yet they control over 70% of the country’s disposable income.6
Retirees must begin taking Required Minimum Distributions from their IRAs and 401K plans each year, starting at age 70 1⁄2 and are subject to Ordinary Income Tax on 100% of each distribution. Failure to take these distributions could result in a 50% IRS penalty on the amount that should have been withdrawn that year.7
• Most seniors have more than one chronic health care issue. Recently the National Council on Aging found that 75% of seniors have at least one chronic health condition, and that most have two or more.8
• 21% of married Social Security recipients and 43% of single recipients aged 65+ depend on Social Security for 90% or more of their income.9
• The cost of Social Security will exceed its income in 2020 for the first time since 1982. The program’s reserve fund is projected to be depleted in 2035.10

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