Gen X, Need a Pep Talk to Save for Retirement?
Whether your plan is to spend time with a partner or a pet, retirement requires deliberate planning. Statistics say Gen X is “behind”… Do the numbers apply to you?
Gen Xers estimate they’ll need $1.1 million to retire comfortably. The reality? The median retirement stash is closer to $660,000. As a Gen X’er, why does it matter?
Gen X, We’ve Got a Retirement Problem. But There’s Still Time to Fix It.
The scoop from Allianz Life Insurance's 2024 Retirement Study reveals a stat that should give every Gen Xer pause: only 62% of them feel even remotely confident about retiring.
That’s way behind the ever-optimistic boomers (82%) and even those dream-chasing millennials (77%). And you know what that means...
The clock isn’t just ticking—it’s practically screaming—as the first wave of Gen X hits their late 50s and early 60s. Retirement isn’t some far-off idea anymore. It’s real. It’s coming. And many are nowhere near ready.
As Kelly LaVigne from Allianz Life bluntly puts it: “Gen Xers are at crunch time for retirement planning.”
Boomers are kicking back (and possibly booking a Viking cruise). Millennials still have time to course-correct. But Gen X? They're at the intersection of it's getting real and I wish I’d started sooner.
Here’s why it’s serious:
Inflation is chomping away at purchasing power, forcing some retirees to head back to work.
Everyday expenses, debt, and sky-high housing costs are eating into savings.
And 55% of Gen Xers openly admit they’re behind on retirement savings.
The financial prep gap is also real:
Only 35% of Gen Xers are working with a financial advisor—compared to 46% of millennials and 54% of boomers.
Most lack a written financial plan, which means they’re winging it when they should be working a strategy.
Now let’s talk numbers (brace yourself):
Gen Xers estimate they’ll need $1.1 million to retire comfortably. The reality? The median retirement stash is closer to $660,000.
To make matters more complex, Gen X is staring down the widest wealth gap of any generation. Top earners are cruising at $250K+ annually, while the bottom quarter is scraping by with just $35K. That’s not just a gap—that’s a canyon.
But here’s the glimmer of hope:
Retirement readiness isn’t just about stacking cash. It’s about building an asset strategy that keeps your money flowing when the paychecks stop.
Strategic investing. Tax-savvy withdrawals. Healthcare planning. Lifestyle clarity. These are the moves that create freedom—not just a finish line.
So what do Gen Xers actually need?
✔ A real plan (not a Pinterest board of retirement beach houses)
✔ Smart saving and investing strategies to close the gap
✔ Insurance protection and estate docs to guard what they’ve built
✔ Someone in their corner who knows the numbers—and their values
Let’s be real: Gen X doesn’t need a lecture.
They need a financial game plan that matches their grit.
Want help to get retirement-ready without the overwhelm? Let’s talk strategy. (Not spreadsheets. Not shame. Just smart moves.)