Contribute to a retirement plan, even if your work doesn't offer one
, told Business Insider."Part of this was due to where they were on the wealth track and part due to the fact that their wealth was tied up in the housing market.", Gorman said, citing Pew Research, they're now caught between caring for aging parents and launching their millennial and Gen Z children.
But all is certainly not lost for Gen X."While taking the right steps in our 20s, 30s, and 40s are key, real wealth accrual doesn't always happen until the late 40s and 50s," Gorman said. For Gen Xers who are falling behind in retirement preparation, she recommends focusing on a two-part strategy. Target-date retirement funds are another good option for growing retirement savings, Gorman said. These investment funds dial back risk the closer you get to a specified retirement date.
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