"As the oldest members of Gen X continue to turn 60 this year, the so-called "sandwich generation" is getting closer to the typical age for retirement (62, on average)."
"Just 54% of Gen X savers said they're on track for retirement, the lowest percentage of any generation, according to a BlackRock report."
"First, Gen Xers said they'd need $1.57 million to retire comfortably, or $310,000 more than the "magic number" national average, according to the research."
"What’s more, 50% of Gen X admitted to a "common blindspot" when it comes to managing their finances: They said they'd prioritized building wealth without doing enough to protect their assets."
Gen X is nearing the average retirement age of 62 while many members lack sufficient retirement resources. Only 54% of Gen X savers report being on track for retirement, the lowest of any generation. Gen Xers estimate needing $1.57 million to retire comfortably, about $310,000 above the national "magic number." Fifty-six percent expect they may outlive their savings, and Gen X is least likely to expect an inheritance. Twenty-five percent worry about paying off a mortgage. Gen X shows weaker understanding of inflation (53%) and taxes (49%) and often prioritizes building wealth over protecting assets (50%).
Read at Entrepreneur
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