{"id":21111,"date":"2023-12-13T22:04:15","date_gmt":"2023-12-13T22:04:15","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2023\/12\/13\/gen-xers-fret-about-retirement-savings-gap\/"},"modified":"2023-12-13T22:04:15","modified_gmt":"2023-12-13T22:04:15","slug":"gen-xers-fret-about-retirement-savings-gap","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2023\/12\/13\/gen-xers-fret-about-retirement-savings-gap\/","title":{"rendered":"Gen Xers Fret About Retirement Savings Gap"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/851446175\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2023\/03\/05_Businesswoman_Worried_crisis_Adobe_640x640.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2023\/03\/05_Businesswoman_Worried_crisis_Adobe_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p id=\"first-para\"><span>Gen Xers are feeling downbeat about achieving their retirement goals, <\/span><a href=\"https:\/\/www.schroders.com\/en-us\/us\/institutional\/\"><span>Schroders<\/span><\/a><span> reported Wednesday.<\/span><\/p>\n<p><span>In a survey, non-retired Americans ages 43 to 58 said that on average they will need $1,112,183 in savings to retire comfortably but expect to put away just $661,013, leaving a shortfall of $451,170.<\/span><\/p>\n<p><span>Millennial and baby boomer respondents look forward to a smaller savings gap. Millennials believe they will need $1,280,892 to retire comfortably and expect to have saved $877,266, resulting in a gap of $403,626.<\/span><\/p>\n<p><span>Boomers still in the workforce say it will take $924,897 in savings to retire comfortably but anticipate having saved $291,496 less than that, or $633,401.<\/span><\/p>\n<p><span>Put another way, the survey findings showed that 61% of non-retired Gen Xers are not confident in their ability to achieve a dream retirement, compared with 53% of non-retired boomers and 49% of millennials.&nbsp;<\/span><\/p>\n<p><span>Further, 45% of non-retired Gen Xers said they have done no retirement planning, compared with 43% of millennials and 30% of non-retired boomers.&nbsp;<\/span><\/p>\n<p><span>\u201cThe size of the retirement savings gap facing Gen X is concerning, as they are the first generation to rely on 401(k) plans instead of pensions and the next in line to retire,\u201d <\/span><a href=\"https:\/\/www.linkedin.com\/in\/debboyden\/\"><span>Deb Boyden<\/span><\/a><span>, head of U.S. defined contribution at Schroders, said in a statement.&nbsp;<\/span><\/p>\n<p><span>\u201cFortunately, even the oldest Gen Xers have some time before reaching their full retirement age. Using this time to develop a retirement plan and increase their savings rate is crucial to improving their retirement readiness before it\u2019s too late.\u201d&nbsp;<\/span><\/p>\n<p><span>The research firm 8 Acre Perspective conducted the survey from Feb. 13 to March 3 among 2,000 U.S. investors nationwide ages 27 to 79. The median household income for working Americans surveyed was $75,000.&nbsp;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gen Xers are feeling downbeat about achieving their retirement goals, Schroders reported Wednesday. In a survey, non-retired Americans ages 43 to 58 said that on average they will need $1,112,183 in savings to retire&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2023\/12\/gen-xers-fret-about-retirement-savings-gap.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21111"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21111"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21111\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21112"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}