Most workers have a workplace retirement savings plan, but is it enough?

investmentnews.com:

A great philosopher once said, “live long and prosper” and while data suggests that the American population is doing better on the first part of the phrase, the second part is a concern.

With millions of people heading at warp speed (that’s the last Star Trek reference here) towards retirement, inadequate savings may mean that financial security is not assured for what may be several decades of post-work years.

Transamerica Center for Retirement Studies in collaboration with Transamerica Institute polled 5,730 workers across the four main adult generations, with most either millennial or Gen X, to determine their retirement preparedness and how they are using workplace plans to plan for their future.

It found a high rate of participation in an employer-sponsored 401(k) or similar plan and/or outside the workplace across the generations – 71% for Gen Z, 85% for Millennials, 82% for Gen X, and 80% of Boomers – and three quarters of all generations have been offered a plan by their employers.

The median age of starting to save in these plans has been steadily declining by generation: Gen Z started at age 20, Millennials at 25, Generation X at 30, and Baby Boomers at 35.

But while a report earlier this year found that the ‘magic number’ to have saved for retirement is $1.5 million, Boomers have just $194,000, Gen X have $93,000, Millennials have $50,000, and – given those other numbers – have made a good start with $40,000.

However, many respondents are concerned that Social Security will not be there for them when they retire including 79% of Gen Xers, who are fast approaching retirement age, including almost one third of this cohort who are expecting Social Security to be their primary source of retirement income.

“Million