Generation X Feels the Least Prepared for Retirement
October 23, 2019
When it comes to retirement preparation, it seems like Boomers and Millennials get the most attention. There is much made of how Boomers are on the cusp of retiring, and Millennials are saddled by student loan debt and high housing costs. However, the generation that feels least prepared for retirement is Generation X.
A recent survey from TD Ameritrade found that 6 out of 10 Americans feel behind in saving for retirement. A massive 73 percent of Gen Xers feel they need to catch up on their retirement savings. This is much higher than the 51 percent of Boomers and 66 percent of Millennials who feel the same way.
Boomers and Gen Xers both cite inadequate income as the reason they do not save more, while Millennials cite high housing costs. Despite feeling similar about their salaries, Gen Xers are far less likely than Boomers to max out their retirement contributions. While 28 percent of Boomers say they consistently max out their 410(k) contributions, only 16 percent of Gen Xers do the same. This lags behind even Millennials, of whom 18 percent max out their 401(k) accounts.