Reported 4 months ago
A new report highlights the challenges faced by Generation X, born between 1965 and 1980, with regards to retirement savings. Nearly half of Gen X-ers feel they are falling behind in saving for retirement, with an average perceived need of $1.56 million to retire comfortably. Factors such as reliance on 401(k) plans due to the decline in traditional pensions, financial setbacks like credit card debt, and the impact of student loans have hindered their ability to save adequately. While newer generations benefit from features like auto enrollment and auto escalation in 401(k) plans, Gen X-ers are seeking financial advice and guaranteed income solutions to secure their retirement despite current challenges.
Source: YAHOO