Key Insights
Why is Gen X facing a retirement crisis?
Gen X lacks sufficient retirement savings due to inflation, the decline of pension plans, financial illiteracy, poor planning, and life circumstances.
How much is the median retirement savings for 55-year-olds in Gen X?
$50,000
What percentage of Gen Xers are concerned about reaching their savings goals due to inflation?
More than two-thirds
What replaced pension plans as the main retirement investment vehicle for Gen X?
401k plans
What percentage of non-retired Gen Xers hold their retirement assets in cash?
32%
Why do many Gen Xers hold their retirement assets in cash?
They fear losing money and are unsure how to invest.
What percentage of non-retired Gen Xers have not done any retirement planning?
45%
What is the average monthly Social Security benefit in 2024?
Approximately $1,920
What is the nickname given to Gen X due to their financial responsibilities?
The sandwich generation
What term is used to describe Gen Xers potentially moving in with their children in retirement?
Silver squatters
What should Gen Xers do to improve their retirement prospects?
Get rid of debt, keep working, delay Social Security, and consult a financial advisor.
Chapters
Gen X faces significant challenges in retirement due to inflation, the decline of pension plans, financial illiteracy, poor planning, and life circumstances.
- Median retirement savings for 55-year-olds is just $50,000.
- Inflation and the decline of pension plans have heavily impacted Gen X's savings.
- Financial illiteracy and poor planning contribute to their unpreparedness.
- Gen X is often caught between supporting aging parents and children, known as the sandwich generation.
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