Only 18% of Gen X Workers Expect Comfortable Retirement as More Than 1 in 3 Eye 70+
Updated
Updated · Business Insider · Nov 1
Only 18% of Gen X Workers Expect Comfortable Retirement as More Than 1 in 3 Eye 70+
3 articles · Updated · Business Insider · Nov 1
Summary
Just 18% of Gen X workers say they are very confident they can fully retire comfortably, and more than one in three expect to retire at 70 or later—or not at all.
Median retirement savings for Gen X stand at $113,000, far below the $750,000 they say they need and less than half the $263,000 held by baby boomer workers.
Job instability is worsening the gap: workers aged 55 to 64 faced average unemployment spells of more than eight months in September, and many Gen Xers cited age bias, pay cuts, bankruptcy or 401(k) withdrawals.
Caregiving is adding pressure, with 35% of current or former caregivers saying it hurt their finances and families spending more than $11,500 out of pocket on care.
The survey suggests Gen X feels less secure than both younger and older peers, after starting 401(k) saving later and while many still worry Social Security may not be there when they retire.