Page 23 - HGI Virtual Fast Start Kit
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  THE GREAT CONSUMER DILEMMA THE MILLENIALS
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Generation X is a smaller group sandwiched between Millennials and Baby Boomers and now mostly
The Millennial generation (born between 1981 – 1996) will overtake Baby Boomers as the largest
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GENERATION X
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58% of millennials have under $5,000 in a savings account, about 19% have between $5,000
adult population group in the United States, expected to reach 73 million in 2019.
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Although they begin saving earlier than other generations, 66% have nothing saved for
and $15,000, and 11% have between $15,000 and $50,000.
retirement.
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Their overall debt load is the highest of any generation. Not only is their credit card debt higher than
middle aged - will finally outnumber Baby Boomers 2028.
any other generation, those between ages 35-44 have an average overall debt of $152,400.
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The median retirement savings for Generation X is only $35,000.
THE BABY BOOMERS
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Baby Boomers are putting pressure on the U.S. health-care system and Medicare costs. According to the Census Bureau, by 2030, when “all Baby Boomers will be older than age 65,”
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1 in 5 U.S. residents will be of retirement age.
10,000 Baby Boomers hit age 65 every day and their median retirement savings is just under $180,000. 45% of this Baby Boomers have zero savings for retirement, yet they control over 70%
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of the country’s disposable income.
Retirees must begin taking Required Minimum Distributions from their IRAs and 401K plans each year, starting at age 70 1⁄2 and are subject to Ordinary Income Tax on 100% of each distribution. Failure to take these distributions could result in a 50% IRS penalty on the amount that should have
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been withdrawn that year.
THE SENIORS
• Most seniors have more than one chronic health care issue. Recently the National Council on Aging found that 75% of seniors have at least one chronic health condition, and that most have two or more.
• 21% of married Social Security recipients and 43% of single recipients aged 65+ depend on Social
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• The cost of Social Security will exceed its income in 2020 for the first time since 1982. The program’s
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Security for 90% or more of their income.
reserve fund is projected to be depleted in 2035.
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