NEW YORK – A research report by the Pew Charitable Trusts says younger baby boomers and Generation Xers face an uncertain retirement because of reduced savings, high levels of debt, and losses during the Great Recession.
The study found that members of Generation X, who are now between 38 and 47 years old, lost almost half their wealth between 2007 and 2010. Young baby boomers, who are between 48 and 57, lost more money but a smaller portion of their overall wealth.
The report says both of those groups are struggling to save enough money for retirement and are lagging older groups in terms of their savings. They also hold more debt than those groups did at similar points in their lives.