The lost-retirement generation?
Learn more about the challenges Generation X faces as retirement approaches, including significant savings shortfalls, concerns over outliving their assets, and the barriers preventing them from achieving their retirement goals.Savings shortfall and concerns about outliving assets leave Generation X at risk
Findings from the Schroders 2024 US Retirement Survey reveal members of Generation X are facing unique challenges as they prepare for their golden years, as many are falling behind on savings and lacking financial guidance.
- Only 14% of Generation X Americans (ages 44-59) feel they have saved enough money for retirement.
- Gen Xers believe they will need $1,069,746 to retire comfortably, yet they expect to have just $602,944 saved, leaving a shortfall of $466,802 – larger than the shortfall Millennials ($322,128) and Baby Boomers ($353,069) expect to face.
- More than half (54%) of Gen Xers are concerned about outliving their assets in retirement, compared to 40% of Baby Boomers and 50% of Millennials.
Often characterized as independent and self-reliant, Gen Xers might benefit from working with a professional:
- Nearly half (48%) of Gen Xers have not done any retirement planning.
- Only 27% work with a financial advisor, compared to 37% of Baby Boomers and 31% of Millennials.
Additional findings:
- Gen Xers are holding an average of 35% of their retirement savings in cash, driven largely by fear of stock market losses (64%).
- Only 10% of Gen Xers plan to wait until age 70 to claim Social Security benefits, despite it being the age that maximizes monthly payouts.
- 43% of Gen Xers say they plan to claim Social Security early due to concerns the program may run out of money, compared to 24% of Baby Boomers and 37% of Millennials.
- Over half (53%) of retired Gen Xers are concerned about having to return to work to cover expenses, compared to just 20% of retired Baby Boomers.
“If planning and saving don’t become higher priorities, Gen X could become the lost-retirement generation. The good news is that even the oldest Gen Xers still have time to better prepare financially before reaching their full retirement age. It’s never too late to seek the services of a financial advisor or explore investment solutions tailored to help retirees grow and safeguard their savings.”
Head of US Defined Contribution
Download our Reports
More on our Retirement Survey
Press Release
As Oldest Gen Xers Approach Age 60, Many Are Unprepared for Retirement and Concerned About Outliving Their Assets
In the News
Featured coverage of Schroders US Retirement Survey
Contact Us
Deb Boyden, Head of US Defined Contribution