Generation X isn’t saving enough for retirement

Retirement


Generation X (those born roughly between the mid-1960s and early 1980s) are well on their way to retirement. Those on the upper end are nearing 60, are you saving enough for retirement? When asked, most of her Gen Xers said he plans to retire at 63, so it doesn’t take long for her older Gen Xer to stash retirement money.

New data from investment banks Natixis With a median retirement savings of $81,000, Generation X is nowhere near what they think they need for a comfortable retirement (a $1.2 million pension pot), the study found. According to Fidelity, the rule of thumb is: Aim to save at least 15% of your pre-tax income for retirement each year. This includes matching with employers. But, of course, only if you start at age 25 and continue until age 67. In order to retire comfortably and happily at their definition of 65, Generation X now needs to save a whopping $59,000 a year on average.





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