The Retirement Nightmare: Gen X's Unpreparedness
Generation 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 Xers believe they need over $1.1 million in savings to retire comfortably, but expect to have around $660,000 saved. Only 14% have a pension, and many are relying on 401(k) plans. With rising costs, stagnant wages, and the burden of student loan debt, the American dream of retirement is likely to be a nightmare for many Gen Xers. However, there is still time for them to save and benefit from compound interest if they make a significant shift in behavior.