The typical Gen X household — those who are now between the ages of 41 and 56 — has only $40,000 in retirement savings, according to a new report. Generation X faces bleak retirement horizon:
“The retirement landscape shifted dramatically for this generation, and they’re at risk of falling through the cracks,” Catherine Collinson, CEO of Transamerica Institute and Transamerica Center for Retirement, said.The troubling crux of the NIRS research: The median account balance for an individual in Gen X is only $10,000, which means half of Gen Xers have less than that amount saved for retirement. One in four Gen Xers don’t have a retirement savings account at all.
It is no surprise that Gen X workers who are top earners are holding their own. The top quartile of Gen X workers with income of $76,789, and above, have savings of around $250,000, on average, while the bottom half — those with incomes of $43,921 or less — have almost nothing socked away. So far, 19 states have enacted retirement programs for private-sector workers. Fifteen of these states are auto-IRA programs. They require most private employers that don’t sponsor a savings plan of their own to enroll workers in a state-facilitated individual retirement account at a preset savings rate — usually 3% to 5% of earnings — and automatically deducted from paychecks.
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