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September 13.2025

2 Minutes Read

How Generation X Can Navigate the Savings Squeeze for Retirement Readiness

Generation X retirement preparation concept with cartoon clamp squeezing dollar sign.

Generation X Faces Retirement Preparedness Challenges

This year marks a milestone for the oldest members of Generation X as they turn 60, a critical age for financial planning and retirement considerations. A new study by Northwestern Mutual reveals a daunting statistic: 54% of Gen Xers feel unprepared for retirement. With an average retirement savings goal of $1.57 million, they face a financial reality that significantly exceeds the national average.

The Burden of Being the Sandwich Generation

Gen X is often referred to as the "sandwich generation," as many members juggle the financial responsibilities of supporting both aging parents and their children. This dual financial pressure contributes to their struggle in accumulating sufficient retirement savings. Jeff Sippel, the chief strategy officer at Northwestern Mutual, underscored this point, stating that this generation is the first to truly experience the shift from defined benefit plans to defined contribution plans, placing a heavier burden of financial planning on their individuals.

Confidence in Financial Planning is Lacking

The findings also show that Gen X has lower confidence in their financial planning compared to Baby Boomers. For instance, only 45% of Gen X respondents reported having a plan to address healthcare costs in retirement, a significant reduction compared to 65% of Baby Boomers. This lack of clarity extends to other critical financial issues as well, including inflation, taxes, and long-term care strategies, where Gen X respondents expressed less understanding than their older counterparts.

Understanding Financial Futures

This study reveals a concerning trend: 56% of Gen Xers worry they might outlive their savings, while only 26% believe they will be able to leave an inheritance. This anxiety about the future indicates a need for better retirement planning resources geared specifically towards this demographic.

Actionable Steps for Better Financial Security

For Generation X, the key to overcoming these financial hurdles lies in better education and resource utilization. They can benefit from digital retirement planning services and tools available today that offer personalized financial strategies. Understanding various types of retirement accounts, tax-efficient retirement strategies, and expert financial planning tips are crucial. Engaging local retirement advisors can also provide individualized strategies tailored to their unique financial situations.

As the landscape of retirement changes, staying informed about the best investments for seniors and practical advice for retirement can pave the way toward a more secure financial future.

Retirement and Financial Security

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How Generation X Can Navigate the Savings Squeeze for Retirement Readiness

Generation X Faces Retirement Preparedness Challenges

The Burden of Being the Sandwich Generation

Confidence in Financial Planning is Lacking

Understanding Financial Futures

Actionable Steps for Better Financial Security

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