US. Only half of Gen Xers have a retirement account, and that’s a catastrophe in the making
Millennials may bear the brunt of bad press, but Gen X is arguably in worse financial shape.
Insider recently teamed up with Morning Consult to survey 2,096 Americans about their financial health, debt, and earnings for its new series, “The State of Our Money.” Of the total respondents, 566 were Gen X, defined as ages 39 to 54 this year.
According to the survey, exactly half of Gen Xers don’t have a retirement savings account. That’s only slightly less than the share of millennial respondents who don’t have one (54%). That’s particularly concerning considering the nearly two-decade span between the youngest millennials and oldest Gen Xers.
While the Silent Generation and early Baby Boomers have relied on a combination of pension benefits and Social Security to make up their retirement income, Gen X has largely had to assume the responsibility of building up their own nest egg, and they’re clearly struggling.
All told, only 36% of Gen Xers are actively saving in a retirement account, while 13% have a dormant retirement account. Americans tend to earn the most money from their late 30s to early 60s, making it a crucial period for socking away extra income.
Read more @Business Insider
