Everyone talks about the Baby Boomers and Millennials – especially when it comes to retirement. But there is a forgotten generation in the middle: Generation X.

Generation X has spent most of their lives working – with many entering the workforce in the 1990s. They are a small generation who started work right at the end of the pension era – with a shift from defined benefit pensions to defined contribution plans impacting their retirement.

And now, the oldest Gen Xers (born between 1965 and 1980) are entering their retirement years – largely ignored and not talked about, unlike conversations about the Boomers and Millennials.

So, what does retirement look like for Gen X?

In a recent report by the National Institute on Retirement Security, about 55 percent of Gen X workers participate in employer sponsored retirement savings plans. About 14 percent of this generation has a pension.

There is a large range of retirement savings, and the typical Gen X household only has about $40,000 in retirement savings. This means that most Gen Xers don’t have enough to retire – which is risky, as Social Security might not be a sure thing.

There are about 64 million Americans who fall in the Gen X generation – which is roughly 20 percent of the population.

Gen X went to college and many women are in the work force and they want to save for retirement, but it hasn’t always been easy.

And with just over half of Gen X opting to participate in an employer sponsored retirement plan, there are questions about how – and when – this group will be able to successfully retire.

Gen X is not alone in facing a retirement crunch. This generation was really on the leading edge of the shift from pensions to having to plan and save for your own retirement – and things like health care costs and inflation have made retirement more expensive than ever. While the youngest members of this generation have roughly 20 years to save, it’s unclear if they will be able to do so.

Do you still have questions about retirement planning options?

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