Gen Xers aren't in fiscal shape to retire

A TD Ameritrade survey found Generation Xers won't be ready to retire.

  • 43% say "they are behind" in their savings.
  • 49% are "worried about running out of money" once they leave the workforce.
  • Nearly two out of 10 (17%) say they "aren't saving or investing for anything."

Only a third expect to be "very secure" in retirement - vs. nearly half of Baby Boomers.

Gen Xers were the first to have to figure out 401K when pensions were phased out. People between 39 and 53 have experience the 1987 stock market crash, the 2000 tech stock meltdown and the Great Recession of 2008.

Dan Schawbel with Future Workplace said there's only 65 million Gen Xers compared to 80 million Millennials. Baby Boomers aren't retiring on time. That combo leaves Gen Xers under employed and with frustrated work ambitions.

“I look at this as a wake up call. If you know that you haven’t been saving or that you’re spending too much, then have a hard look at your expenses and your income and start to be smarter about how you operate in your life,” said Schwabel. “A lot of people’s jobs are in jeopardy right now with automation. By 2030, tens of millions of jobs will be eliminated in the economy and a lot of Gen Xers are unaware that this is happening and they don’t know what jobs to prepare for, so that’s going to effect their income over the next 10, 20 years.”

Good news—it's not too late to get on track.

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