Boomers have 87% of the income they need to retire. Millennials have 82%. But Gen X only has this much…
On Thursday, financial firm Fidelity Investments released its biennial Retirement Savings
In 2006, that number was just 62%; it’s improved so much thanks in part to the fact that “investors are saving more,” explains Melissa Ridolfi, vice president of retirement and college for Fidelity Investments — who adds that the median savings rate is now 10% among savers across all generations.
What’s more, other data reveal that Gen X is struggling to save for retirement too. Data from the Transamerica Center for Retirement Studies show that while millennial and boomer savers are socking away 10% of their income for retirement, members of Generation X are only putting in 8%%. . Indeed, Gen X does have a lot of financial responsibilities. Consider: They have the highest levels of mortgage debt, according to Experian — at $237,753, compared with $222,211 for millennials and $175,743 for boomers. They have more personal debt on average than boomers and millennials , according to the 2019 Planning & Progress Study by Northwestern Mutual. Here are a number of other ways that Gen X is “financially wrecked.
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