Gen X, 65 million Americans born between 1965 and 1980, is fast approaching retirement, and unlike the boomers before them, they’re the first generation whose retirement rests on a 401(k) rather than a pension. Only 14% of Gen X workers have a traditional pension, compared with 56% of baby boomers.
And as latchkey kids, Gen X grew up to be the workhorses: the generation most likely to define themselves by output and impact, and the least likely to ask for help. Just 26% of Gen Xers work with a financial advisor, compared with 43% of boomers. These two facts drastically change what retirement looks like for this generation.
