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Many Gen-Xers facing retirement ‘nightmare’ due to lack of savings: report




Members of Generation X don’t have much saved up in savings, according to a new report from the National Institute on Retirement Security (NIRS).

The report found that the “forgotten generation” faces a “bleak” retirement future. The typical Gen X household—those born between 1965 and 1980—has about $40,000 saved for retirement, while the bottom half of savers only have a few thousand in the bank.

“Generation X grew up in the shadow of the postwar economic boom that greatly benefited their generational predecessors, the Baby Boomers,” the report said. “Many in Generation X spent their formative years as the United States grappled with the oil crisis, ̵[ads1]6;stagflation’ and a growing sense of disillusionment after the Watergate crisis.”

Just over half of Gen-Xers have employer-sponsored retirement plans, the report found. Most members – regardless of race, gender or income – also fail to meet their retirement savings targets.

Researchers blame an increase in college debt and bad luck in broader economic conditions for the drop-off. They also note the rapid decline in pension plans, which places the burden of retirement planning more on the retiree rather than an employer.

About 18 percent of Gen Xers have no retirement savings, the report says.

NIRS is advocating for additional structured pension schemes to compensate for the decline in pensions over time.

“Accumulating savings takes time, and Social Security alone will not provide enough retirement income,” NIRS Research Director Tyler Bond said in a statement. “So it is critically important that we change course quickly. The status quo means we are looking at senior poverty for many Gen-Xers and pressure on their families for support.”

Gen X is not the only generation that may face retirement problems. U.S. Census data found that nearly half of Baby Boomers and more than half of all workers have no retirement savings.

Polls released in May also found that less than half of Americans expect to live a comfortable retirement, down from previous marks.

Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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