Americans are ‘stressed’ about the state of their retirement savings, according to a Merrill Edge survey. And the younger generations are the most nervous of all. ‘The younger generation, the people that have more time to plan for retirement, generally the millennials and Gen Xers, they seem to be more stressed than people that are already in retirement,’ said Paul Vienick, head of Merrill Edge Self Directed & Merrilledge.com. ‘The reason is because the retirees have made a plan, they have executed for that plan and they have been saving and working with a financial solutions provider or doing their online research.’ Two out of three Americans expect to be stressed about money in retirement based on their current saving levels, according to the Spring Merrill Edge Report. The biannual survey of more than a thousand Americans with investable assets of $50,000 to $250,000 also found that the folks with the most time to get ready for their golden years – Gen Xers and millennials – are ‘most likely to anticipate a financially rocky retirement.’ On the other hand, the survey found that 59% of current retirees say they are not stressed about retirement because of how they prepared their finances over the years. Along those lines, the report found that 73% of retirees who have saved believe they will have enough money to last all the way through retirement. That’s a far cry from the 43% of millennials who say they are counting on financial help from loved ones if the need for it arises in retirement.
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