re: 1 in 3 Americans have less than $5,000 saved for retirement

quote:

---

In the fourth quarter, the labor force participation rate of younger workers was just 55.5% after holding steady at about 66% from 1998 to 2000, and participation by the prime earning group (ages 25 to 54) was unchanged at 80.8% after peaking at 84.4% in early 2000. However, participation among those approaching retirement had slipped only slightly from the mid-2010 post-war record rate of 65.3% to 64.3% in the most recent quarter and was 18.6% for those 65-plus, just shy of a two-year high of 19%.

---

quote:

---

Many Generation Xers — those born between 1965 and 1980 — are stuck in middle management and waiting for leadership jobs, says Dan Schawbel, founder of WorkplaceTrends.com. “They’re the most stressed out, raising children, hit hardest by the property market crash and impatient and frustrated because they want to seize those executive-level roles, but they’re going up against boomers who are not ready to leave,” he says. “But they potentially have the first shot when these positions become available.”

This creates problems for those at the bottom of the ladder.

Many millennials — born between 1981 and 1996 — are choosing to stay in college longer and go to graduate school, a decision designed to help their employment and wage prospects in later years, Bankrate.com’s Hamrick says. “This also helps explain why the near-term financial prospects for many young people have been dampened early,” he adds. “The result is a ripple effect touching on many things including the housing market, vehicle purchases and saving for retirement.”

---