The Looming Nightmare: Gen X's Unpreparedness for Retirement
Generation X (Gen X), born between 1965 and 1980, is facing the largest wealth gap of any generation and is not financially prepared for retirement, according to multiple reports. On average, Gen X workers believe they need over $1.1 million in savings to retire comfortably, but expect to have around $660,000 saved. Only 14% of Gen Xers have a pension, and retirement savings are highly concentrated among top earners. Gen X is also burdened with student loan debt and higher healthcare costs, and they are projected to live longer than previous generations. While some still have time to save, many are not participating in workplace retirement plans, making the American dream of retirement a nightmare for too many Gen Xers.
