More Than Half of Gen X Doesn't Think They'll Be Ready For Retirement. Here's Why

Core Insights - Generation X is nearing retirement age, with over half feeling financially unprepared according to a Northwestern Mutual report [2][7] - Unique financial challenges faced by Gen X include caring for both aging parents and children, leading to increased financial strain [4][5][10] - The Great Recession significantly impacted Gen X's financial stability, with a median net worth decline of 38% from 2007 to 2010 [11][12] Financial Challenges - Gen X is often referred to as the "sandwich generation," balancing the financial needs of their children and aging parents [4][5] - A survey indicated that 61% of Gen Xers live in multi-generational homes, complicating their financial situation [4] - Unexpected caregiving costs, such as medical expenses, further divert resources from retirement savings [5][10] Retirement Preparedness - Unlike previous generations, fewer Gen Xers have access to pensions, placing the responsibility of retirement savings solely on them [9] - Potential changes to Social Security funding, expected to fall short by 2034, may disproportionately affect Gen X [10] - Many Gen Xers prioritize immediate financial needs over retirement savings, with only about a quarter focusing on retirement as their greatest financial priority [12][13]