What’s working
Like their baby boom elders, many working Gen Xers have heard and acted on the message that they need to save for retirement. More than three-fourths (77 percent) of survey respondents said they’re saving for retirement in an employer-sponsored retirement plan or outside of work. The median amount they’re saving is 7 percent of their annual salaries.
While this amount alone may not be adequate to finance a comfortable retirement, if employer matching contributions are added, total contributions might be sufficient. Gen Xers should review their retirement plan to make sure their savings are adequate (see below).
Gen Xers also have realistic expectations about retirement ages and their standard of living in retirement. More than half (55 percent) said they’ll work beyond age 65, and nearly the same (51 percent) reported they plan to work in their retirement years. These are realistic perspectives that will help their retirement savings last longer, given our increased lifespans.
Other good news: Only 13 percent of Gen Xers think their standard of living will increase in retirement, and 34 percent think it will remain the same. More than half either believe their standard of living will decrease in retirement, or aren’t sure what will happen with it.
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