Gen X Financial Statistics: Spending & Retirement Savings

Bank of America internal card data shows that Gen X discretionary spending has been particularly weak compared to that of other generations, down 2% year over year in August 2024. This is important given the latest U.S. Bureau of Economic Analysis data suggests that Gen X …

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Gen X Financial Statistics: Spending & Retirement Savings

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Generation X On The Brink: The Stark Reality Of Their Grim …

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Jul 26, 2023 · The average retirement account balance for an individual Gen Xer is about $130,000. That number is too low for most members of Gen X, who should have more saved …

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Gen X Has The Largest Wealth Gap Of Any Generation, And It Means …

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Dec 15, 2023 · A recent study from the National Institute on Retirement Security (NIRS), a nonprofit research organization, found the typical Gen X household has $40,000 in retirement …

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Gen X Is Getting Closer To Retirement But Not Its Retirement …

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Oct 29, 2024 · Financial experts recommend saving up to 10 times your annual income for retirement. Only 7% of Gen X respondents in a recent survey said they had more than that …

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Here's What The Average Gen Xer Has Saved For Retirement. The

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May 5, 2024 · Northwestern Mutual reports that the average retirement savings balance among members of Gen X is $108,600. But given that many Gen Xers are already well into their 50s, …

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Generation X: All Eyes On Retirement - Investopedia

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Feb 14, 2024 · Retirements Funded by Social Security—For Now . When they do retire, Gen Xers plan to rely financially on a mix of traditional assets, namely Social Security (51%) and 401(k) …

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Gen X 401(k) Retirement Savings Lag, But There's Optimism - USA …

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Jun 23, 2024 · Balances for Gen X workers who have been saving for 15 years averaged $543,400, or $200 more than boomers’, according to the financial service firm’s analysis of its …

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Gen Xers Are Nearing Retirement. Here’s Why Many Are More At Risk …

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Aug 21, 2024 · A recent analysis by Morningstar’s Center for Retirement and Policy Studies projects that 45% of US households run the risk of falling short financially if they retire at 65 — …

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Gen X Is Cutting Back On Everything Because Of Inflation—except ...

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Aug 27, 2022 · Some 88% of Gen Xers reported concern about rising inflation in June 2022, compared to 72% of millennials and 70% of Baby Boomers.

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FAQs about Gen X Financial Statistics: Spending & Retirement Savings Coupon?

Are Gen X retirees saving enough?

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. ...

How much money does a Gen X family need?

A recent study from the National Institute on Retirement Security (NIRS), a nonprofit research organization, found the typical Gen X household has $40,000 in retirement savings, while the average has $153,300, according to Fidelity Investments, far less than the $1.1 million they think they'll need. ...

What is the average retirement account balance for Gen X clients?

And with an age range from their mid-40s and late 50s, they’re at a point in their lives when retirement is on the horizon. According to a recent report from brokerage Fidelity, the average retirement account balance for its Gen X clients is $178,500. ...

How much is a Gen X account worth?

According to a recent report from Fidelity, the average account balance for the company’s Gen X clients is $178,500. Inflation may reduce the real value of Gen X's savings, even if amounts are similar to previous generations. Lack of pensions may be a challenge to Gen Xers, relative to some baby boomers. ...

How much money do Gen X households have in retirement savings?

As for savings in workplace retirement plans and IRAs, “the bottom half of [Gen X] earners have only a few thousand dollars saved,” authors of the NIRS report wrote. And the median amount that Gen X households have in retirement savings — meaning half have less, half have more — is just $40,000. Income is the biggest determining factor ...

How much do Gen X save a year?

Simultaneously, Gen X is approaching retirement, so they’re more aggressively saving as much as they can. In fact, Gen X on average saved more of their annual pay than even what Fidelity recommends. Fidelity suggests workers save 15% of their paycheck, including employer contributions, and Gen X topped that with 15.2%. ...