Gen X Surpasses Boomers in 401(k) Balances - Are They On Track for a Comfortable Retirement?
Money | June 23, 2024, 12:34 p.m.
Gen X workers are finally seeing their 401(k) balances surpass those of Baby Boomers, according to Fidelity data. With an average balance of $543,400 after 15 years of saving, Gen X is on track to retire behind the Boomers. This generation, often overlooked between the Boomers and Millennials, is making strides in retirement savings. Factors driving this trend include Boomers drawing down their savings as they retire and Gen X aggressively saving, even exceeding Fidelity's recommendations. While some Gen Xers may have a decent nest egg by the time they retire, the National Institute on Retirement Security warns of a large savings discrepancy. To ensure a comfortable retirement, Gen X should focus on saving more and creating a solid retirement strategy. With time on their side, this generation is taking steps to secure their financial future.