Most Gen Xers Aren't Ready for Retirement
The oldest Generation Xers will reach the “traditional” retirement age of 55, just 10 years from now, but most aren't anywhere near being ready for retirement, finds a study from the Insured Retirement Institute.
IRI’s 2018 Gen X retirement survey found a drop in how many Gen Xers report they have retirement savings, from 65% in 2016 to 60% in 2018. The good news is, among Gen Xers that do have savings, balances nearly doubled for those who saved $250k or more, from 12% in 2016 to 23% in 2018.
The survey also found the top three retirement concerns Gen Xers have are Social Security, unexpected health care expenses, and running out of money. Around 800 people, ages 36 to 55, participated in the online survey.