Member-only story
Will Gen X ever shake its slacker reputation? They’re getting close to retirement age, and are being out-saved by everyone else.
Fifty-five percent of Gen X believe they’ll be able to retire comfortably, according to the Transamerica Center for Retirement Studies (TCRS). Meanwhile, 62 percent of boomers and 67 percent of millennials feel they will.
To make matters worse, a third of Gen X says they have no money saved at all for retirement, according to a study from wealth management firm Personal Capital.
“Despite the hurdles they may have to overcome to reach their retirement goals with a shortened runway, it’s not too late for Gen Xers to get serious about preparedness,” says Personal Capital VP Michelle Brownstein. “Contextualizing savings — or lack thereof — by talking to an advisor or using online resources is a great first step. Americans need a retirement wake-up call, and these findings should serve as the alarm.”
Gen X retirement woes
Gen X was hit hard by the Great Recession. In fact, their generation is more likely than millennials and boomers to say they “may never recover” or have “not yet begun to recover” from it, according to a CNBC report.
