Generation X—those roughly 45 to 60—are nearing retirement age but remain worried about their financial future. Surveys show many regret delaying savings, fear outliving their nest eggs, and feel unprepared for rising costs.
Falling Short of the “Magic Number”
Northwestern Mutual’s 2025 Planning & Progress Study found Gen X believes they need about $1.6 million for a comfortable retirement, higher than the national average. Yet most have saved only two to three times their annual income, and more than half expect to outlive their funds. Nearly half plan to keep working after retirement, often out of necessity.
Lingering Effects of the Great Recession
Federal data shows Gen Xers ages 45–54 held a median net worth of about $247,000 in 2022—less than boomers had at the same age when adjusted for inflation. Economists say the 2008 financial crisis hit Gen X especially hard, making recovery slower and savings more difficult.
Market Jitters and Inflation
An Allianz Life survey reports that over half of Gen X fears another market crash, with only 19% believing now is a good time to invest. Seven in ten say inflation has hampered their savings, and eight in ten worry rising prices will derail retirement plans.
Late Starts and Missed Opportunities
According to the CFP Board, the typical Gen Xer began saving for retirement around age 30, years later than millennials. Many cite high housing costs, job gaps, and modest early-career earnings for the delay. Only 37% are satisfied with their savings, and more than half wish they had planned sooner.
A Call to Plan—Even Now
Financial experts urge Gen Xers to work with advisers and create formal retirement strategies, stressing it’s never too late to plan. “You can’t, if you’re retiring in four or five years, make up for a major loss right now,” Allianz’s Kelly LaVigne warned in an interview with USA Today, highlighting the urgency as the generation approaches its “crunch time.”
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