Generation X Faces Retirement Savings Shortfall Amid 'Sandwich Generation' Pressures

The oldest members of Generation X are turning 60 in 2025, yet many find themselves unprepared for retirement.

 

According to a 2024 survey, only 14% of Gen Xers feel they have saved enough for retirement.

 

On average, they believe they will need over $1 million to retire comfortably but expect to have significantly less saved.

 

Compounding this issue, many Gen Xers are part of the 'sandwich generation', simultaneously supporting aging parents and their own children.

 

This dual responsibility adds financial strain, making it challenging to prioritize retirement savings.

 

Financial experts emphasize the importance of proactive planning.

 

They recommend maximizing contributions to retirement accounts, seeking professional financial advice, and exploring catch-up contributions available to those over 50.

 

By taking these steps, Gen Xers can work towards bridging the gap between their current savings and their retirement goals.