"Study reveals alarming retirement shortfall for Gen Xers"

A recent study from the National Institute on Retirement Savings reveals that many Gen Xers are facing a significant retirement shortfall, with the typical household having an average of $243,332 saved, but a median balance of only $40,000. Individual savings are even lower, with an average account balance of $129,994 and a median balance of $10,000. The study highlights the lack of pension plans, multiple economic crises, stagnant wages, rising costs, and the burden of student debt as contributing factors. Additionally, homeownership, which can reduce spending in retirement, is a challenge for younger Gen Xers, with 71% still renting. Social Security funds are projected to run out by 2034, further complicating retirement planning for this generation.