Survey says 80% of Gen Xers and boomers regret not saving sooner. Here’s how to maximize your retirement savings now

Core Insights - A significant portion of Gen Xers and boomers regret not starting their retirement savings earlier, with over 80% expressing this sentiment according to a 2025 survey by Nationwide Retirement Institute [2] - Many individuals who began saving early still wish they had adopted different strategies, particularly in protecting their savings from market volatility and ensuring sustainable retirement income [3] - Despite starting late, there are still opportunities for individuals to improve their financial situation and prepare for retirement [4] Financial Literacy and Preparedness - A considerable number of Gen Xers (54%) and boomers (39%) lack a full understanding of compounding, and over half mistakenly believe their 401(k) will provide a stable monthly income akin to a paycheck [5] - Resources for financial education are available through platforms like MyMoney.gov and non-profits such as Khan Academy, as well as personal finance literature and financial planners [6] - American adults estimate they will need approximately $1.26 million to retire comfortably, highlighting the importance of assessing current financial situations [6] Retirement Savings and Concerns - Despite financial concerns, 46% of Gen Xers and 56% of boomers feel financially prepared for retirement, while a significant portion believes they may outlive their savings [7] - Average retirement account balances indicate potential shortfalls, with Gen Xers holding an average 401(k) balance of $192,300 and an IRA balance of $103,952, while boomers have averages of $249,300 and $257,002 respectively [8]