The Grim Reality of Gen X's Retirement Nightmare
Generation X (born between 1965 and 1980) faces a significant retirement savings gap, with the average amount they expect to have saved falling far short of their desired goal, according to a survey by investment manager Schroders. Gen Xers estimate they will need $1.1 million in savings to retire comfortably, but they anticipate having only $661,000 saved. The survey also revealed that almost half of Gen Xers have not done any retirement planning. This generation is the first to rely on 401(k) plans instead of pensions, and they are next in line to retire. The findings highlight the need for Gen Xers to take action to improve their retirement readiness, increase their savings rate, and develop a retirement plan before it's too late.