Is Gen X Prepared for Retirement?

The oldest Gen Xers—born in 1965—turn 55 next year. At that age, retirement planning shifts from serious to critical. How are Gen Xers doing as they prepare to cross the threshold into old(er) age? The 2019 Retirement Confidence Survey examines the generation's retirement readiness, and these are some of the findings...

• 59 percent of Gen Xers are confident they will have enough money to live comfortably in retirement, below Boomers (68 percent) and Millennials (67 percent).
• 65 percent of Gen Xers have personally saved for retirement, but only 31 percent have figured out how much money they need to save for retirement.
• 52 percent of Gen Xers have saved less than $50,000 for retirement.
• 31 percent of Gen Xers don't know when they will retire, 11 percent say they will retire at age 70 or older, and another 11 percent say they will never retire.
• 78 percent of Gen Xers plan to work for pay in retirement.

Source: Employee Benefit Research Institute, 2019 Retirement Confidence Survey Generation X Report