Gen Xers don't believe they'll ever be able to retire comfortably
Gen X fears inadequate retirement savings, says a Transamerica Center study. Only 18% are confident they can achieve a comfortable retirement.
Many Gen X workers entering their 60s express concerns about their ability to retire comfortably. According to a Transamerica Center study, the median Gen X worker has saved just $113,000, far less than the $750,000 they believe they need to feel financially secure. Only 18% of Gen X workers are very confident they will achieve a comfortable retirement lifestyle.
Job loss, caregiving responsibilities, and age discrimination often pose challenges to their retirement plans. As the oldest Gen Xers enter their 60s, many fear they won't be able to enjoy the retirement they envisioned. A mere 18% of Gen X workers consider themselves very confident in their ability to fully retire with a comfortable lifestyle, significantly lower than millennials and boomers.
The reality is that the median Gen X worker's total household retirement savings stands at $113,000, less than half of what baby boomer workers have saved.
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