GEN X, MILLENNIALS: GOT NO RETIREMENT DOUGH

About 45 percent of late-stage Millennials, those ages 18 to 35, are waiting for “normal” times to return before beginning their retirement savings, according to Fidelity Investment’s 2022 State of Retirement Planning survey. 
Almost half the survey’s respondents in that age range “don’t see a point in saving for retirement until things return to normal,” the survey report said. 
Still, 38 percent of the group reported being more optimistic now than before the COVID War about their ability to retire at some point.
That confidence evaporates among Generation X, Millennials’ parents who now are balancing the needs of both children and aging parents. Only 17 percent of X’ers have more hope for retirement than before.  
“Gen Xers are in a kind of twilight zone,” said Rita Assaf, Fidelity’ vice-president of retirement issues. 
Boomers are settling their retirement situations and Gen Z still has a lot of time to plan and save, she noted.
“Gen X’ers are stuck in the middle, looking at inflation and other economic concerns for the foreseeable future—and the impact that may have on their potential retirement savings,” she added. 
Among X’ers, born between 1965 and 1980, 27 percent said either that they need four or five years to get rebuild their retirement savings or that they never will be able to. 
More than 30 percent of the 2,622 investors the survey queried said they know of no way to make sure their savings keep pace with inflation.
About 20 percent of those surveyed, including 15 percent of Baby Boomers and 20 percent of X’ers, thought pulling 10 to 15 percent of principal out of a retirement portfolio annually would be prudent. 
Fidelity recommends withdrawing no more than 5 percent of savings per year.
TREND FORECAST: Once upon a time, following World War II when America and the baby boomers were booming, the polls always showed that the future would be greater than the past. 
Now the polls show the opposite. The new generations will witness a shrinking middle class and expanding lower class society. 
The data proves it. Beyond having no dough to put away for retirement, on the home buying side, according to data from the 2021 National Association of Realtors report, the median age of all homebuyers increased to 47 years old, up from 31 years old in 1981… when boomers were booming into the housing market.