Nearly half of the generation X is not safe for pension, the survey reveals

While Generation X continues to approach the pension, some have less than the views of roses regarding their retirement prospects, according to a recently issued study based on Fidelity Investments.

Fidelity’s investments were found in the latest edition of his annual study “Pension Pension State” than 45% of General Xers – those between the ages of 44 and 59 – reported that they were “not” safe “in their ability to retire” when and how they want “.

Meanwhile, 53% felt sure they could do so.

“General X is most likely to be what we call the sandwich generation now,” Fidelity Investments the retirement vice president offers Rita Assaf Told Fox Business. “They are taking care of both children and old parents as well as preparing for retirement. This is very expensive.”

“They are also at a time when the highest cost of living, so if they are helping with children, they will most likely have children in college or maybe they just finished college, and those costs have been much higher,” she continued. “Their daily expenses are much higher. And we also know with aging parents, health care and long -term care costs related to it too.”

Assaf said that General X was willing to be the “first generation” 401 (K) “also directed those figures.

“Current pensioners mainly use pensions still as their main way to finance pension savings, but Gen X, I think our study found that 61% will use 401 (K) and go and individual pension savings vehicles, so this is also a large.

Compared to last year’s study, Gen X’s confidence in retirement “when and how they want” fell 16 percentage points, something Assaf linked to higher living costs and generation members moving closer to the retirement age.

She said the survey “really emphasized the fact that at the highest cost of living, there is a general concern that” will my retirement savings extend? ”

Gen X “particularly hold the most negative retirement perspective” between generations included in the study, according to Fidelity Investments.

The study found that General Z and Millennials felt more secure for “with their conditions” retirement, with 75% and 71%, respectively. Meanwhile, 68% of children’s boomers reported that they were safe.

For General X, children’s fraud, aging parents and the highest costs of living have played in it. Assaf also said that “anxiety tends to grow as you approach” retirement.

Young generations like General Z and Millennials “still have a long time horizon, so they are actually feeling safer” and “have more time in their hands to save more and invest and reap the benefits of composite profits”, according to Assaf.

In general, 67% of those who were in the years of pension planning I felt positively when it comes to retirement “when and how they want,” Fidelity Investments said.

The study was based on a study that included over 2,000 “increased financial decision makers” with a minimum of an investment account.

Including enough money, inflation and high living costs, hitting the balance of spending coverage now against retirement savings and discover the amount of funds needed for retirement were among the issues identified identified such as those that present the challenge, according to the study.

Meanwhile, among current pensioners, the golden years “yes” were being planned “by 72%, the study reported. One similar thing – 70% – also felt that their placed pension planning is enough.

When it comes to pension income, 77% of pensioners showed about social security as their high source, according to the study. After that there were pensions, with 48%, and personal savings, with 41%.

“Planning does not stop retirement,” Assaf told Fox Business. “You need to continue to develop your planning, even when you are retired.”

The seventh savings in 10 pensioners have received a blow from increasing the cost of living, the poll said.

The Transamerica Center for Pension Studies was found in a August 2024 report that the average pension age for middle -class pensioners was 62.

Americans think $ 1.46 million is the amount of money they should experience a comfortable pension, according to a study issued by Northwestern mutual last year.