Core Insights - Generation X is experiencing significant anxiety regarding retirement, with the oldest members now able to access retirement accounts without penalties, while the youngest still have 20 years until Medicare eligibility [1][2] - Many Gen Xers are preoccupied with other financial responsibilities, such as funding children's education and caring for aging parents, which has led to a lack of focus on their own retirement savings [2] - There is a notable lack of confidence among Gen Xers regarding their financial futures compared to other generations [3] Retirement Preparedness - Only 14% of Gen Xers have access to a pension plan, as many companies have phased out these plans since the mid-1980s, coinciding with Gen X entering the workforce [5] - A significant portion of Gen Xers, specifically 25%, do not have any retirement account, and the average retirement savings for this generation is approximately $40,000 [7] - Over 60% of Gen Xers lack confidence in achieving their ideal retirement, with nearly half fearing they may outlive their savings [7] Legislative Impact - Legislative changes that could have benefited Gen Xers, such as increased contribution limits and automatic enrollment in 401(k) plans, occurred only after many had already entered the workforce [8] - The evolution of the 401(k) as a primary retirement savings vehicle was slow, with initial contributions viewed as supplemental to pensions, which were more common in earlier decades [4][5]