New York CNN —Gen Xers are now in their 40s and 50s and account for about a fifth of the US population.
And the median amount that Gen X households have in retirement savings — meaning half have less, half have more — is just $40,000.
“Retirement savings for Generation X is highly concentrated among the highest earners,” the report notes.
Nevertheless, the average Gen X retirement savings balance (nearly $130,000 for individuals and $243,000 for households) suggests that many higher earners may not be saving enough, if those savings are intended to be one’s main source of income in retirement.
Also, changes to an existing Saver’s Credit may help lower income Gen Xers.
Persons:
Xers, ”, Tyler Bond, Gen Xers, Stark, Rowe Price, —, “
Organizations:
New, New York CNN, Boomers, National Institute on Retirement Security, Social Security, Social, Fidelity, Vanguard
Locations:
New York