Three major generations now in the workforce have differing perspectives on retirement but each exhibits some trends that raise issues regarding their retirement preparedness, according to the TransAmerica Center for Retirement Studies.

For example, among the baby boom generation (born 1946-1964) now partly in retirement with the rest having it in sight, many were hard-hit by the Great Recession as they lost investment values; as a response, many are working longer or plan to do so.

“However, many may not be laying the necessary groundwork for success. Of concern, only 42 percent are proactively keeping their skills up to date so they can continue working past 65 or in retirement, if needed. Only 28 percent have a backup plan for retirement income if unable to work prior to their planned retirement,” it says.

Behind them, Generation X (born 1964 to 1978) are less likely to have defined benefit retirement plans and also suffered a setback because they are more reliant on their personal savings for retirement. However, while they are saving at high rates, “many are behind on their savings . . . a concerning 34 percent of all Generation X workers have taken a loan, early withdrawal, and/or hardship withdrawal from their retirement account(s).”

Millennials (born 1979-2000) “are getting an early and strong start with their retirement savings, but they need to learn more about investing . . . One in four who are saving say they are “not sure” how their retirement savings are invested. Some good news is that 76 percent of Millennials, including both retirement savers and non-savers, would like to receive more information and advice from their employers on how to achieve their retirement goals.”