Gen X is nearing retirement age, with the oldest turning 59 1/2 in 2024, and nearly 50% say they do not feel prepared. Gen X is coming up against the test of 401(K) plans which mostly replaced pensions. The 401(k) are set up to put control in the hands of the participant to determine how much to save and how to invest. Noted in this article from CBS News, the average retirement savings of Gen X households is roughly $150,000 — far from the $1.5 million that Americans say they need to retire comfortably.
This generation faces significant challenges in preparing for their retirement years. Not to mention, 40% of Gen X households do not even have retirement savings, and those with plans often lack critical financial knowledge, such as understanding return expectations or certain types of investments like bonds, common with 401(K).

Gen X “is the Jan Brady of generations,” overlooked while the larger baby boomer and millennial generations grab more attention, noted Dave Goodsell, executive director of the Natixis Center for Investor Insight. The Natixis Center conducted the study.

The study also noted:

• About 25% are concerned lack of savings will force them to return to work after retirement.
• While ~40% worry they won’t even be able to work as research shows many workers retire involuntarily due to layoffs or health issues.

Experts recommend those in the age group set goals, improve financial literacy, and proactively plan for retirement.

Full article here: CBSNews.com