Surveys: Gen X, Closest to Retirement, Has Least Confidence in its Savings

Core Insights - The surveys indicate that Generation X, aged approximately 45 to 60 in 2025, feels significantly unprepared for retirement, with 58% of Americans feeling behind in savings, and 69% of Gen X expressing similar sentiments [2][3] Group 1: Generation X Retirement Preparedness - A BankRate survey revealed that 58% of over 2,500 Americans feel behind in retirement savings, with 37% feeling significantly behind [2] - Generation X shows a lack of confidence in retirement savings, with only 19% feeling very confident about maintaining their standard of living [3][4] - Two-thirds of Gen X 401(k) participants have less than $100,000 in retirement assets, contributing to their lack of confidence [4] Group 2: Financial Obligations and Market Concerns - Generation X is described as being in a financial squeeze, managing multiple obligations including debt, while facing urgency to save for retirement [3] - A majority of Gen Xers (60%) believe they need between $250,000 and $500,000 for retirement, with only 13% thinking they can live on less than $250,000 [5] - The potential for a market downturn poses a risk to Generation X's retirement plans, as they are entering a critical window for retirement savings [6] Group 3: Opportunities for Improvement - Despite the challenges, there are opportunities for Generation X to improve their retirement outlook through compounding returns and catch-up contributions in tax-advantaged savings plans [7]