Great Recession will haunt millions into their retirement years, study finds

http://lifeinc.today.com/_news/2013/05/16/18302246-great-recession-will-haunt-millions-into-their-retirement-years-study-finds?lite

The Great Recession hurt a lot of people and this loss of wealth will follow millions into retirement, according to a report released Thursday.

 

Early baby boomers (those born between 1946 and 1955) may be “the last group on track to retire with enough savings to maintain their financial security through their golden years, the study finds. But the rest of us are in for a world of hurt -- especially Gen-Xers (born between 1966 and 1975).

 

The study by Pew Charitable Trusts, Retirement Security Across Generations: Are Americans Prepared for Their Golden Years?,shows that early boomers lost 28 percent of their median net worth; late boomers (born between 1956 and 1965) lost 25 percent from 2007 to 2010. However, Gen-Xers lost nearly half (45 percent) of their wealth – about $33,000 on average – during that same time period. And they didn’t have that much savings to begin with.