More Than 50% of Gen X Expect to Retire After 65 or Never as Savings Lag
Updated
Updated · Yahoo Finance · Oct 29
More Than 50% of Gen X Expect to Retire After 65 or Never as Savings Lag
3 articles · Updated · Yahoo Finance · Oct 29
Summary
Only 18% of Gen X workers say they are very confident they can retire comfortably, the lowest share of any generation in a new Transamerica survey.
More than half expect to retire after 65 or never retire, while the median Gen Xer has saved just $113,000 for retirement against average household income of $101,000.
That shortfall reflects a late start: the median Gen Xer began saving at 30, three years later than workers overall and nine years later than Gen Z.
Many in the cohort entered the workforce as employers shifted from pensions to 401(k)s and IRAs, leaving workers to shoulder more retirement planning themselves.
The risk is that retirement timing may not be fully voluntary, since health problems or job loss can force workers out before they are financially ready.