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Officials: Majority of Generation Xers aren't planning for retirement

Officials: Majority of Generation Xers aren't planning for retirement
Officials: Majority of Generation Xers aren't planning for retirement
Posted at 6:00 PM, Apr 25, 2018
and last updated 2018-04-25 14:33:08-04

TALLAHASSEE, Fla. (The News Service of Florida) - According to the Florida Office of Financial Regulation, nearly 60 percent of Generation Xers have not calculated their retirement needs, while less than a quarter of baby-boomers believe they are financially prepared to retire.

The OFR issued a consumer alert with the statistics, hoping to get Floridians to focus on having a comprehensive retirement plan.

The agency says saving money early-on is important for those who want to continue their normal lifestyle into retirement, free from stress and money issues.

"It is alarming that most people aren't. It makes it ever more important to do the calculations and to make sure that you know what you want to get out of your retirement," said Jamie Mongiovi of Office of Financial Regulation. "Once you know that, make a plan."

When investing, consumers can use the agency's website to verify the information of any financial planning firm, as well as to file a complaint if they feel they have been scammed.