Generation X Faces Retirement Savings Shortfall Amid Social Security Uncertainty

Generation X, born between 1965 and 1980, faces significant financial challenges as they approach retirement, with many feeling unprepared and anxious about outliving their savings. Surveys reveal that over half of Gen Xers fear a market crash and worry about inflation, contributing to their retirement insecurity, while nearly half anticipate needing to work during retirement to make ends meet. Unlike previous generations, Gen X is increasingly skeptical about relying on Social Security due to concerns over its future solvency and is therefore seeking alternative retirement savings strategies. Experts emphasize the importance of Social Security as part of retirement planning but caution that benefits may diminish, requiring Gen Xers to make critical decisions about when to claim benefits to maximize their retirement income. Despite their contributions to the economy, Gen Xers' median net worth remains relatively low, reflecting the lasting impact of the 2008 Great Recession on their financial stability. Overall, Gen X must navigate a complex economic landscape with careful planning to secure their financial futures.