SOURCE: Packaged Facts

December 01, 2008 08:36 ET

Baby Boomers, Gen Xers Cope With Shifting Connotations of 21st Century Retirement

NEW YORK, NY--(Marketwire - December 1, 2008) - Adults approaching retirement are one of the fastest growing demographics in the United States. This timely new report from Packaged Facts, The Retirement Products Market for Baby Boomers and Generation X in the U.S., projects total retirement assets by product type (IRA, Annuities, Government Pension Plan, Defined Contribution Plans, and Private Defined Benefit Plans) through 2012 in two ways: by actual experience between 2002 and 2007, and as adjusted for nominal GPD growth rate as projected by the Congressional Budget Office. Either formula yields an astonishing increase over 2007's total value of $17.6 trillion.

More than one-third of Baby Boomers -- and interestingly, a smaller percentage of Gen Xers -- saved nothing from their annual income during the last year. Yet, almost half of U.S. adults are concerned that they will outlive their retirement resources. A steep decline in current consumer confidence is carrying over into retirement planning: 39% of Boomers with retirement savings have altered or plan to alter their savings strategy due to the economic downturn. Forty-three percent of this group plan to solicit the advice of a financial advisor or retirement planning professional.

The Retirement Products Market for Baby Boomers and Generation X in the U.S. provides a critical and in-depth look at the big picture shaping retirement planning and retirement products in the United States starting with the fundamental question: What is retirement? It then confronts the major economic, social and political issues defining the national conversation about retirement and the individual's role in planning for his or her own retirement. Dollars and sense differ significantly between Boomers and Gen Xers -- how and why and what it means to their retirement is explored in this report.

Detailed and comprehensive analysis includes calculating "the number" necessary to fund retirement, the danger of over-saving, annuities' potential, ownership data for diverse investment products and values owned, as well as legislative/regulatory trends and product innovations, distribution channels, marketing, and more.

"Retirement is evolving to a new life-phase," said Tatjana Meerman, publisher of Packaged Facts. "Extended lifespans and more difficult economic stresses experienced by both Boomers and Gen-Xers have diminished the notion that retirement will come from inheritance. And this means that the U.S. has 141 million people scrambling to plan retirement in the next 25 years. That's huge!"

The Retirement Products Market for Baby Boomers and Generation X in the U.S. analyzes the U.S. market for retirement products for Baby Boomers and Generation X. It is a comprehensive treatment of market drivers for these products, including trends in retirement attitudes, the economic outlook, solvency outlooks for Social Security, Medicare and Medicaid, changing lifestyles of the two generations and how to determine appropriate investment goals in retirement planning. For further information visit: http://www.packagedfacts.com/Retirement-Products-Planning-1715034/.

About Packaged Facts -- Packaged Facts, a division of Market Research Group, publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products. Packaged Facts also offers a full range of custom research services. For more information contact Jenn Tekin at (240) 747-3015 or jtekin@marketresearch.com.

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