Posted 12/20/2023, 3:44:00 PM
Retirement Doom Looms for Gen X as Savings Fall Far Short, Planning Lags
- Gen X has the largest retirement savings wealth gap compared to other generations, with a shortfall of $451,170 according to a Schroders report
- 45% of Gen X has not done any retirement planning, more than millennials (43%) and boomers (30%)
- Gen X continues to spend at high levels rather than cutting back - retail sales still up nearly 10%
- 32% of Gen X has all assets in cash rather than invested, limiting growth potential
- Fear over losing money and Social Security insolvency is causing Gen X to make suboptimal financial decisions