Gen Xers — the generation of people born roughly between the mid-1960s and the early 1980s — are inching toward retirement. Those at the upper end of the scale are close to 60, but are they saving enough for their old age? When asked, most Gen Xers said they plan to retire at the age of 63, which doesn't leave long for older Gen Xers to stash the retirement cash.
New data from investment bank Natixis reveals that, with average median retirement savings of $81,000, Gen Xers are nowhere near on track for what they think they'll need for a comfortable retirement (a pension pot of $1.2 million.) The rule of thumb, per Fidelity, is to "aim to save at least 15% of your pre-tax income each year for retirement, which includes any employer match." But, of course, that's only if you start at 25 and continue through to 67. To be facing their definition of a comfortable, happy retirement at 65, Gen Xers would now need to put away, on average, a massive $59,000 each year.
