Generation X, formerly the “slacker generation,” is getting older and reaching retirement age. As of June 2024, the oldest Gen Xers will be 59 and a half — the youngest that a person can be to draw retirement assets without penalties. However, many say they are far from prepared.
In fact, almost half of them, 41%, say it would take a “miracle” for them to be able to retire, according to a new survey. While many Gen Xers say they plan to retire someday, nearly 1 in 4 say they won’t.
More than a quarter, 30%, of Gen Xers also said they’ll have to go back to work after they retire because they don’t think they’ll have enough savings to last the whole time.
Another recent study found the average Gen X household with a private retirement plan only has about $40,000 in savings, while 40% said they don’t have retirement savings at all.
Gen Xers are also worried public benefits will keep shrinking. More than 75% say increased public debt will impact their retirement benefits.
Meanwhile, about 1 in 3 are worried they’ll run out of money trying to cover health care costs in retirement.
Still, though, the survey also found Gen Xers want to retire at 60, which is notably earlier than their predecessors, the baby boomers —who want to retire at 68. However, they only expect their retirement period to last about 20 years, which is shorter than what many retirees actually have.
