Gen X Is Getting Closer to Retirement But Not Its Retirement Savings Goals

The majority of Generation

While financial experts recommend saving up to 10 times your annual income for retirement, only 7% of respondents to a Northwestern Mutual survey Tuesday said they had saved more than 10 times their income.

The oldest members of Generation X will turn 60 next year, and the average retirement age is between 61 and 65.

However, older generations closer to retirement, such as Baby Boomers+, appear to be in a better position when it comes to retirement, perhaps because they have had more time to save. Nearly a quarter (23%) of Boomers+ (generally known as those born in 1964 or earlier) have reached the expert-recommended goal of saving more than 10 times their annual salary.

More than half (51%) of Gen

Why the older generations surveyed are not ready for retirement

The oldest generations among the four surveyed by Northwestern Mutual were also the most likely of all age groups to say they were not financially prepared for retirement — with more than half of Boomers+ and Gen

This may be due in part to a lack of retirement planning, as a separate Allianz survey released Tuesday found that only 30% of Gen Xers have a retirement income plan, the lowest of all the generations surveyed.

According to a Northwestern Mutual report, boomers still have lingering questions about the next phase of their lives — like how much money they’ll need to save to live comfortably after retirement, whether it’s possible to outlive their savings, and how they should plan. Long-term care needs.

Although long-term care is on the minds of many boomers, with more than half saying it is likely they will need long-term care at some point, only 40% have actually prepared for the possibility of needing such care for themselves, And 28% for your loved ones.