Gen X investors often lack formal retirement plans

"Only 14% of Gen Xers have access to a traditional pension, compared with 44% of baby boomers. Many Gen X workers also lacked tools now common in retirement plans such as automatic enrollment and target-date funds. Gen X is the first generation to shoulder full responsibility for their retirement. They became DIY financial planners by necessity, not by choice, said Nick Lane, president of Equitable."

"Now in the prime of their careers, with the oldest Gen Xers thinking seriously about how they will live the next 20 to 30 years in retirement, they face a new chapter one that demands more than simply accumulating assets. To grow their wealth, plan for retirement and leave a legacy, Gen X investors need comprehensive wealth planning and sophisticated strategies. They are primed to work with a trusted financial professional to help them achieve these top priorities."

"Nearly eight in 10 respondents reported confidence in their investment decisions and said they are actively saving and investing while working. But 40% of Gen Xers said they do not have a formal written financial plan. Among those who do, about half created the plan independently, which may leave gaps in broader financial strategies, the study found. Survey respondents were high earners who did not expect to receive an inheritance or a primary benefit of $100,000 or more."

"The study highlights the pressures facing Gen X as the sandwich generation, supporting both children and aging parents while saving for retirement. Seventy-four percent of Gen X respondents said leaving a legacy for family is a priority adding complexity to long-term planning. Retirement could last 20 to 30 years, while legacy planning extends even further into the future. Gen X respondents cited major economic disruptions during their careers, including the dot-com bust, the 2008 financial crisis and the COVID-19 pandemic."

Only 14% of Gen Xers have access to a traditional pension, compared with 44% of baby boomers. Many Gen X workers lacked retirement-plan features now common, such as automatic enrollment and target-date funds. Gen X became DIY financial planners by necessity and now carries full responsibility for funding long retirements. Nearly 80% report confidence in investment decisions and continue saving, yet 40% lack a formal written financial plan and many plans were created independently. Gen X often supports children and aging parents while prioritizing leaving a legacy. Major career disruptions have increased risk aversion and the need for sophisticated planning.

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