Gen X retirement insecurity

In being the next generation to head into retirement, reports in 2024 have highlighted how Gen X is preparing for retirement. Prudential’s Pulse of the American Retiree Survey found that 55-year-old Americans, who are members of Gen X, are “far less” financially secure than their older colleagues, with a median retirement savings of less than $50,000. Furthermore, 67% of 55-year-olds are concerned about outliving their savings, compared to 59% of 65-year-olds and 52% of 75-year-olds.

This findings are similar to those in a Natixis study, which found almost half of Gen Xers believe it would take a “miracle” for them to retire securely. The report found that 44% of Generation X workers say it would be miraculous if they could retire, while 24% believe they won’t be able to retire at all.