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A July 2023 report from the National Institute on Retirement Security (NIRS) showed retirement is looking a bit grim for most of those in Gen X – who are currently in their 40s and 50s and comprise about 20% of the U.S. population. For this generation, there is a wide discrepancy between the retirement savings of top earners and those who earn the least.
The top quartile of earners have retirement savings around $250,000 on average, while the bottom half of Gen X households have between an average of $200 to $4,290 saved. NIRS found only 14% of GenXers are covered by a defined benefit plan, and just over half participate in an employer-sponsored retirement plan.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
