The oldest Gen Xers are turning 59 this year, and once they reach 59½, they can begin making penalty-free withdrawals from their 401(k)s and individual retirement accounts.
However, nearly 70% of Gen X, which is comprised of Americans between the ages of 44 and 59, feel behind on their retirement savings, according to a new retirement savings survey from Bankrate.
The average 401(k) balance for people in their 50s, who make up the majority of Gen X, is $214,100.
The good news: Many Gen Xers are already taking strides to get their retirement savings where they want them to be.
Plus, they've increased their IRA contributions by 30% to the highest level in five years, per Fidelity's second quarter retirement analysis.
Persons:
Xers, Mark Hamrick
Organizations:
Fidelity Investments
Locations:
Bankrate