Study Reveals Gen X Faces a Retirement Crisis

What is the Retirement Crisis?

A recent study by the Pew Research Center has found that Gen X is facing a retirement crisis. The study found that Gen Xers are less likely to have saved for retirement than previous generations, and they are more likely to have debt. As a result, many Gen Xers are at risk of not being able to afford a comfortable retirement.

What are the Causes of the Retirement Crisis?

Lack of Saving

One of the biggest reasons for the retirement crisis is that Gen Xers have not saved enough for retirement. According to the study, only 44% of Gen Xers have saved any money for retirement. This is compared to 56% of baby boomers and 63% of millennials.

Debt

Another reason for the retirement crisis is that Gen Xers have more debt than previous generations. The study found that Gen Xers have an average of $83,000 in debt, compared to $69,000 for baby boomers. This debt makes it difficult for Gen Xers to save for retirement.

What are the Consequences of the Retirement Crisis?

Financial Insecurity

The retirement crisis is having a major impact on the financial security of Gen Xers. The study found that 43% of Gen Xers are worried about not having enough money to retire comfortably. This worry is justified, as many Gen Xers are at risk of not being able to afford a comfortable retirement.

Delayed Retirement

The retirement crisis is also leading to many Gen Xers delaying retirement. The study found that 27% of Gen Xers plan to retire later than they originally planned. This is because they need to work longer to save more money for retirement.

What Can Be Done to Address the Retirement Crisis?

Increase Saving

One of the most important things that Gen Xers can do to address the retirement crisis is to increase their saving. They should start saving as early as possible and contribute as much as they can afford to their retirement accounts.

Reduce Debt

Another important step that Gen Xers can take is to reduce their debt. They should focus on paying off high-interest debt first, and they should try to avoid taking on new debt.

Seek Professional Advice

Finally, Gen Xers should consider seeking professional advice from a financial planner. A financial planner can help them develop a retirement plan and make sure that they are on track to reach their retirement goals.

Conclusion

The retirement crisis is a serious problem that is facing Gen Xers. However, there are steps that Gen Xers can take to address this crisis and secure their financial future. By increasing their saving, reducing their debt, and seeking professional advice, Gen Xers can put themselves on the path to a comfortable retirement.