Pushing 60, Gen Xers Worry They’ll Go Broke in Retirement
September 16, 2025 by Michael S. Fischer
The oldest Gen Xers turn 60 this year, and many find themselves nearing retirement with deep uncertainties about the state of their finances, according to the latest findings from Northwestern Mutual’s 2025 Planning & Progress Study.
Fifty-four percent of this generation think that they will not be financially prepared to leave the workforce when the time comes. They also expect to need $1.57 million to retire comfortably, $310,000 more than the “magic number” national average that Northwestern Mutual identified in a previous study.
Wink’s Moore on the Market: Are you a Gen Xer?
Google AI says that “Generation X refers to people born approximately between 1965 and 1980, a demographic cohort often called the ‘latchkey’ or ‘MTV’ generation.”
Yep, that’s me.
What’s interesting is that Northwestern Mutual did a study, which shows that Gen Xers are more concerned about running out of money in retirement, relative to other generations.
Other takeaways from this article:
– Fifty-four percent of this generation think that they will not be financially prepared to leave the workforce when the time comes;
– When Gen Xers in the study who have saved money for retirement were asked how much they have saved as a multiple of their current annual income, the No. 1 answer was twice as much;
– Fifty-six percent of Gen Xers said it is likely they will outlive their savings;
– Thirty-five percent of Gen Xers said uncertainty about finances keeps them up at night at least once a month; and
– Forty-eight percent of Gen Xers said they plan to continue working during their retirement years, or already are doing so.
Jeff Sippel made a good point- “Many Gen Xers are juggling responsibilities on both ends, supporting aging parents while still helping their children.”
Man, am I feeling that!
He adds, “They’re also the first generation to truly feel the impact of the move from defined benefit plans to defined contribution plans. All of this puts more of the burden of financial planning on their shoulders.”
