Report: Gen X Will Require Over $1.5 Million for Retirement, Yet Majority Have Less Than 5% Saved

Money | June 30, 2024, 11:34 a.m.

Many Gen Xers are facing retirement with uncertainty due to low savings, with a median 401(k) balance of $54,500, far below their estimated retirement goal of $1.56 million. Various obstacles have hindered their ability to save, such as starting later than younger generations and not benefiting from innovations like auto enrollment in 401(k) plans. To boost their retirement savings, Gen Xers should prioritize contributing more to their retirement accounts, taking advantage of employer match programs, and exploring alternative investment options. Additionally, seeking guidance from financial experts and creating a detailed retirement plan can help Gen Xers better prepare for their future. With proactive steps and strategic financial decisions, Gen Xers can work towards achieving a comfortable retirement and securing their financial well-being in their later years.