Most people belonging to the Generation-X group think that they would never be able to retire, and this worry comes at the backdrop of the ever rising inflation, according to a new survey.
According to a report from Natixis Investment Managers, 44% of American Gen Xers, born between 1965 and 1980, express a belief that retiring comfortably will require a “miracle.” Adding to financial concerns, 46% of respondents acknowledge they will likely need to extend their working years, while 30% worry they may even have to continue working after retirement.
The report states that most of the Gen-X population wants to retire at 60, which is much earlier than the expected retirement of baby boomers who haven’t retired yet. The gen-X is also anticipating a retirement period of 20 years, which is less than what many retirees experience.
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Natixis pointed out that Gen X investors have a median household income of $150,000 and median retirement savings of $250,000, which they emphasized is “barely sufficient to sustain them over 20 years.”
Gen-X Woes, Concerns Rise with Inflation and Public Debt
A recent retirement study from insurance leader Allianz, released last week, revealed that just 62% of Gen Xers are confident they can financially support their retirement life plans. This demographic appears notably more financially uneasy compared to baby boomers and millennials.
Gen Xers are “sandwiched between baby boomers and millennials, and they’ve been overlooked,” Dave Goodsell, executive director of the Natixis Center for Investor Insights, said in a press release. “Now many find themselves caring for both aging parents and growing children while under pressure to fund their retirement.”
Meanwhile, findings from the Natixis survey underscore the concerns among Gen X respondents. A significant 75% express worry that increasing public debt will erode their retirement benefits, and 62% cite inflation as a hindrance to their savings efforts. Additionally, more than a third fear that healthcare expenses could potentially deplete their retirement funds.
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