Retirement isn't looking rosy for Gen X
, 1,131 identified as Gen Xers, defined as ages 38 to 53 . The margin of error was plus or minus 1 percentage point.
About half of Gen X respondents said they expected to retire before age 75 — 23% said between 56 and 65, and 28% said between 66 and 75. Meanwhile, 10% of the Gen Xers said they don't expect to retire at all — the highest share of any generation — and 19% didn't have an opinion.Social Security benefits
. Whether they decide to retire then or not, delaying Social Security benefits to age 70 will increase the eventual payout by 8% each year it's delayed. But Social Security isn't enough to cover expenses for most retirees. Other income from savings and investments is usually necessary.And yet, 47% of the Gen Xers said they had no money saved in a retirement account, almost equal to the share of those who said they do.
Gen Xers may find themselves playing catch up in order to retire. Experts agree that one of the easiest and most beneficialis maxing out a 401 or individual retirement account — the tax advantages are often unparalleled. In 2019, you can elect to contribute a percentage or dollar amount of your pretax salary to a 401 if your company offers it, up to $19,000, or $25,000 if you're over 50.
As far as investments go, only 17% of Gen X respondents said they have a brokerage account, and most have under $50,000 in that account as well.
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