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Based on the theory that people should have enough savings and wealth to replace at least 70 percent of their income in retirement, late baby boomers and Gen Xers appear to be falling short: late baby boomers are on track to replace about 60 percent of their income in retirement, and for Generation Xers, that figure falls to about 50 percent. The report also found that baby boomers and Gen Xers have also been accumulating debt over the last two decades, and baby boomers are approaching retirement age with more debt than people who were born during the Great Depression or around World War II. Of the five generational groups tracked, "Gen Xers are the least financially secure and the most likely to experience downward mobility in retirement," the report concluded.
[Associated
Press;
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