Gen-X's retirement situation is not really looking good based on the findings of a new survey. The National Institute of Retirement Security, a U.S.-based research company, explained why.
Gen-X's Retirement Situation is Looking Bad
According to Forbes' latest report, the National Institute of Retirement Security (NIRS) survey showed that many Gen-Xers still can't afford their retirement.
Gen-X (born from 1965 to 1980) are facing challenges in their careers because these individuals are between Millenials (born from 1981 to 1996) and Baby Boomers (born from 1946 to 1964).
NIRS explained that Baby Boomers are tightly holding onto their leadership roles in numerous companies. Meanwhile, Millennials are competing with Gen-Xers to get the jobs they want.
Because of this, many Generation X individuals are stuck in their careers. NIRS' survey even showed that 64.2% of Gen-Xers are living paycheck to paycheck.
"Generation X often is referred to as the forgotten generation, sandwiched between the large and culturally powerful Baby Boomer and Millennial generations," explained the research institute via its official website.
Retirement is Going To Be a Nightmare for Gen-X
NIRS Executive Director Dan Doonan warned that the American Dream of retirement could be a nightmare for many Gen-Xers.
Doonan explained that Generation X people are now reaching their retirement age. However, their findings showed that the majority of them are not even close to having retirement savings.
"Most Gen-Xers don't have a pension plan, they've lived through multiple economic crises, wages aren't keeping up with inflation, and costs are rising," explained the NIRS leader.
Although many Gen-Xers are having a hard time saving for their retirement, some of them are still trying.
NIRS revealed that more than 55% of Gen-X people are participating in employer-sponsored retirement savings plans.
Meanwhile, around 14% of Gen-Xers are covered by DB (defined-benefit) plans, which is fairly consistent across race and gender.
However, the rates of Gen-X's sponsored retirement plans still depend on the industry they are working in.
For example, the public administration industry has the best-sponsored retirement plans (89% overall). This is followed by the finance and insurance industry (86% overall).
If you are among the Gen-Xers and want to know how bad your generation's retirement situation is, you can click this link.
