Are today's seniors better off than past generations?

If you have heard retirement is getting harder for seniors, think again: it may actually be getting easier. According to an article by Forbes magazine, today’s seniors are wealthier than retirees of recent generations, and that extra wealth is helping them to create a comfortable retirement. The findings came from the Investment Company Institute (ICI), an association for financial professionals.

“On average, more recent retirees have higher levels of resources to draw on in retirement than previous generations,” according to a press release from the ICI. Forbes reports that another finding of the ICI is that the poverty level among seniors has fallen dramatically in the last 50 years. At that point, almost 30% of seniors were classified as living under the poverty line, whereas today, less than 10% of seniors are classified as poor.

As a whole, American seniors have earmarked nearly 20 trillion dollars as retirement savings, and those monies have been of vital importance as life expectancies continue to rise for both men and women. Broken down, the typical household in the United States has about $150,000 in retirement savings.

How did you save for retirement? Did you speak to a retirement advisor to help guide you, or did you create your own retirement plan? Tell us about it in the comment section below.