Gen X-ers struggle to save for retirement: Rpt

Generation X, which includes those born between 1965 and 1980, may feel anxious about retirement: according to a new survey by Goldman Sachs, almost 50% of Gen X-ers say they feel left behind late in retirement savings. A different Northwestern Mutual study points out that, on average, Gen X-ers say they will need $1.56 million to retire comfortably.

Yahoo Finance Reporter Kerry Hannon joins Wealth! Breaking the record and implications of the retirement journey of Gen X-ers.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino

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Let’s also talk about the younger generation X here, Gen X has always been the alpha tester for the 401k retirement system.

And according to a new survey by Goldman Sachs, the disappointing results continue for Yahoo.

Senior financial writer, Carry Hannon has a lot to say about this story, Carrie, we hope it turns out well.

But what is the truth here?

Yeah, Brad, the fact is, you know, Gen X and we’re talking about these people this year who are 43 to 59 years old.

So the former will start turning 60 next year.

Half of them say they’re behind on retirement planning and retirement savings and half of them haven’t even started calculating what they might need for those of us seeing numbers like, oh, I think I need one point $6. million in retirement savings, but currently only has about 100,000.

So these are kind of weird numbers.

And like you said, this is really the first generation that had to rely heavily on 401k plans as their retirement vehicle.

I mean, private pensions, traditional pensions only 11% of private employers provide them.

Now, that’s a third of those who gave it back in the 19th century.

So this is a time when, you know, they had to struggle to do it themselves.

And we see that things like credit card debt and student loans have really set them back in their ability to put away money for these retirement years.

And actually, one out of three, in one study I saw they said they went into, their, their records.

Uh, even though they’re behind, they’ve gone into it to pay the bills, the monthly bills.

So it’s about the younger generations coming after them having a few things going for them.

So it might be this, this generation is really catching on.

We call it the forgotten generation, but the younger generation now has car enrollment in their 401k plans and the rise of cars.

These are things that didn’t exist when Gen Xers started in the workforce.

The story continues

So what can employers do to help Gen X, and what have they done so far?

Does that make the future better for more generations?

Yeah, I like that.

Nice to, nice to look at, above this.

In fact, employers are starting to do some of these things and we need them especially for Gen Xers, which is to give them financial advice or access to financial planning.

Help them understand this.

You know, they actually find ways that they can, uh, now there are options to set up emergency savings plans right there with your retirement plan.

If they can help them begin to set aside that kind of emergency salvation, then they are not interfering with their plans.

And many people are asking for guaranteed retirement solutions so that when they retire, they can have something similar to what the old pension plan had.

These are all new, but the things that seem to be helping are the increase in cars I mentioned before and the registration of cars.

So employers are starting to hold people back because as we know, Brad, you know, this, well, the earlier you can start saving these plants, even if it’s a small amount that’s been growing for all those years. .

It makes a big difference.

Carrie, thank you so much for continuing with us.

Yahoo Finance app, Hannon.