Just over half of Generation X born between 1965 and 1980 have little to nothing socked away for retirement, according to research by Prudential Financial. 35% of the 65 million US Gen Xers have less than $10,000 saved, and 18% have no savings.
It’s a trifecta of gloomy news for Gen Xers.
“A notable finding in our report was that Gen Xers have less confidence in their financial futures than other generations,” Kelly LaVigne, vice president of Consumer Insights at Allianz Life, told Yahoo Finance.Overall, only 55% of Gen Xers believe they are better off than previous generations at their age, versus 70% of boomers and 61% of millennials, Allianz found.
“The goal for retirement planning is to enjoy today without feeling like you’re sacrificing tomorrow’s dreams, but Gen X is clearly more anxious than other generations about what lies ahead,” Christian Mitchell, chief customer officer at Northwestern Mutual, told Yahoo Finance. While the Prudential survey found that 58% expect to rely on Social Security as their primary source of retirement income, the Northwestern Mutual one found that just 45% were “very or somewhat confident” that Social Security will be there to support them when they need it.are that, if no policy action is taken, the Social Security trust fund reserves will be depleted by 2033 when the oldest Gen Xers hit full retirement age.
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