A Fidelity Investments study reveals that 45% of Generation X (ages 44-59) lack confidence in their retirement plans, with rising living costs compounding their struggles. This demographic is particularly facing financial strain, supporting both children and aging parents, while 53% still feel optimistic about retirement. Unlike previous generations, Gen X is the first to widely adopt 401(K) plans, with a significant reliance on these and personal savings over traditional pensions. However, a notable decline in confidence levels was observed compared to last year's findings.
45% of Gen Xers feel 'not confident' in retiring 'when and how they want,' largely due to financial pressures from caring for children and elderly parents.
Gen X is the first '401(K) generation,' with 61% expected to rely on 401(K)s, IRAs, and personal savings instead of pensions for retirement.
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