Talk to Us
Talk to Us

Consult an Agent

  • Why?
  • (please click only once)

  • * = required

Save Print

Will Generation X be ready for retirement?

Despite hurdles, there is hope.

It’s probably fair to say that most of us are concerned about retirement. It doesn’t matter how successful we’ve been, or how much money we’ve set aside, there are just too many unknowns ahead—health care, Social Security, inflation, taxes—to have 100% confidence in our financial future.

According to the Pew Charitable Trust, however, there’s one demographic group that may be more concerned than all the others. In their report, “Retirement Security Across Generations” Pew Researchers measured the impact the Great Recession had on various generations, and determined that members of Generation X—people born between 1966 and 1975—were the least likely to maintain their quality of life in retirement.

The good news is there’s still plenty of time for Gen Xers to overcome their retirement challenges. Even if you are among the oldest members of your generation, you still have 15-20 working years ahead of you. But before we provide some solutions, let’s take a look at the depth of the problem.

As the chart below indicates, Pew Researchers looked at the ability of each generation to replace their pre-retirement income and found that Gen-Xers are coming up short. While many financial experts recommend a replacement rate of 75-80%, the report indicates that Gen-Xers will have enough retirement assets—including Social Security benefits—to replace just 50-58% of their current salaries and income.1

Timing is everything.

1“Retirement Security Across Generations,” The PEW Charitable Trust, May 16, 2013, Figure 11.


We want to make sure you receive a response to any service or policy-related questions as quickly as possible. To help us help you, please do not use the comment field below to submit these types of questions. Instead, please click here to access the Virtual Service Center and ask your question.


All comments are moderated by New York Life and will not appear on this story until after they have been reviewed and deemed appropriate for posting. Opinions expressed in posts are those of the respective authors and do not represent the official position of New York Life.