Gen X is lagging in retirement saving and planning. Here’s how to catch up.

Core Insights - Generation X is facing a retirement crisis due to delayed prioritization of retirement savings, with 61% not considering it a serious priority until age 50 or older [1][4] - The median retirement savings for Gen X is $107,000, significantly lower than the estimated $1.26 million needed for a comfortable retirement [3][4] - Many Gen X members are financially burdened by student loans, credit card debt, and responsibilities as the "sandwich generation," supporting both aging parents and children [2][5] Retirement Savings and Financial Health - Gen X has saved a median of $107,000 in retirement accounts and $6,500 in emergency savings, with 17% having already accessed their retirement funds [4] - The generation lacks the benefits of auto-enrollment and auto-escalation in retirement plans, which have become standard in more recent plans [2][5] - A significant portion, 28%, of Gen X workers expect Social Security to be their primary income source, despite concerns about the program's future sustainability [6] Future Outlook and Recommendations - Experts suggest that Gen X should consider working longer, increasing savings, or reducing lifestyle expenses to address retirement funding shortfalls [8][12] - There is a recommendation to utilize retirement-plan catch-up contributions, allowing those aged 50 and older to save more in their 401(k)s [14] - Health savings accounts are highlighted as a beneficial but often overlooked savings vehicle for those with high-deductible health plans [15] Intergenerational Impact - The financial struggles of Gen X may place additional burdens on their Generation Z children, potentially creating a cycle of financial dependency [7] - The resilience of Gen X is noted, with experts expressing confidence in their ability to achieve financial security despite current challenges [16]