Survey Reveals Gen X's Lack of Retirement Preparedness

A survey by Prudential Financial of 2,000 pre-retiree Gen Xers found that just over half of Generation X have little to nothing saved for retirement, with 35% having less than $10,000 saved and 18% having no savings. This reflects the burdens this generation faces, including the decline in defined benefit pension plans and uncertainty about the economy and long-term Social Security benefits. The survey comes on the heels of two other recent surveys that raised serious concerns about Gen X’s future financial outlook. Many Gen Xers also have their heads in the sand when it comes to even focusing on their future, with nearly half spending no time a week thinking about retirement, while two-thirds have no retirement strategy.