Pity the poor members of Generation X: When it comes to thoughts of retirement, many workers born between the years 1965 and 1980 are sinking into despair.
Just 60% of Gen Xers feel they are on track for retirement, according to the latest annual “Read on Retirement” survey from financial firm BlackRock. That is much lower than the percentages of folks in other generations who feel the same way.
For example, more than three-quarters of those in Gen Z — 77% — feel they are on track to retire with the lifestyle they desire, the top score among all generations.
To make matters worse, time is running out on Generation X workers. In 2025, the oldest members of this generation turn 60 — just two years shy of initial Social Security eligibility and five years away from the traditional retirement age of 65.
This contrast between the optimism of Gen Z — born between the years 1997 and 2006 — and the pessimism of Gen X has been evident in other studies.
As we noted in the 2023 story “As the Sun Sets on Gen X Careers, Dark Clouds Gather,” a typical Generation X household has accumulated just $40,000 in retirement savings. And the bottom half of workers in this age group have saved just a few thousand dollars.
Meanwhile, members of Gen Z appear to be learning from the mistakes of their forebears and are saving early and often for retirement, as we reported in “An Unexpected Generation Says It’s Most Prepared for Retirement.” Gen Z is also the age cohort that has the most “super savers.”
As Generation X struggles, the retirement confidence among members of the millennial generation and Generation Z is soaring. In 2023, 55% of millennials felt they were on track to retire with the lifestyle they want. That share has since jumped to 72%.
Among members of Generation Z, confidence soared from 56% to 77% in the same period. Baby boomers also are confident that they are on track to retire, with 68% saying they feel that way.
Many members of Generation X are now eligible to make catch-up contributions to their IRA and 401(k) accounts, but just 31% of Gen Xers who are 50 or older are doing so.
If you are trying to catch up on retirement saving, check out “7 Ways to Catch up on Retirement Savings ASAP, According to Experts.”
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