Survey: Almost half of Gen X says it’ll take a ‘miracle’ to retire

GENERATION X – WHAT USED TO BE KNOWN AS THE “SLACKER GENERATION” – IS GETTING OLDER… AND REACHING RETIREMENT AGE.

GEN X CONSISTS OF PEOPLE BORN FROM 19-65 TO 19-80.

AND AS OF THIS MONTH… THE OLDEST GEN X-ERS WILL BE 59 AND A HALF – THE YOUNGEST A PERSON CAN BE TO DRAW RETIREMENT ASSETS WITHOUT PENALTIES.

BUT MANY SAY THEY’RE FAR FROM PREPARED.

IN FACT – ALMOST HALF OF THEM SAY IT WOULD TAKE A “MIRACLE” FOR THEM TO BE ABLE TO RETIRE, ACCORDING TO A NEW SURVEY.

AND WHILE MANY GEN X-ERS SAY THEY PLAN TO RETIRE *SOMEDAY* – NEARLY 1 IN 4 SAY THEY WON’T.

MORE THAN A QUARTER OF GEN X-ERS ALSO SAID THEY’LL HAVE TO GO BACK TO WORK AFTER THEY RETIRE – BECAUSE THEY DON’T THINK THEY’LL HAVE ENOUGH SAVINGS TO LAST THE WHOLE TIME.

ANOTHER RECENT STUDY FOUND THE AVERAGE GEN X HOUSEHOLD WITH A PRIVATE RETIREMENT PLAN ONLY HAS ABOUT 40-THOUSAND DOLLARS IN SAVINGS…

WHILE 40 PERCENT SAID THEY DON’T HAVE RETIREMENT SAVINGS AT ALL.

GEN X-ERS ARE ALSO WORRIED PUBLIC BENEFITS WILL KEEP SHRINKING – MORE THAN 75 PERCENT SAY INCREASED PUBLIC DEBT WILL IMPACT THEIR RETIREMENT BENEFITS.

AND ABOUT ONE IN THREE ARE WORRIED THEY’LL RUN OUT OF MONEY TRYING TO COVER HEALTHCARE COSTS IN RETIREMENT.

STILL, THOUGH – THE SURVEY ALSO FOUND GEN X-ERS *WANT* TO RETIRE AT 60 – WHICH IS NOTABLY EARLIER THAN THEIR PREDECESSORS: THE BABY BOOMERS… WHO WANT TO RETIRE AT 68.

BUT THEY ONLY EXPECT THEIR RETIREMENT PERIOD TO LAST ABOUT 20 YEARS – WHICH IS SHORTER THAN WHAT MANY RETIREES ACTUALLY HAVE.