Gen X's Retirement Saving Crisis: How to Catch Up

A recent survey by Fidelity showed the average 401(k) balance by age. One generation is lagging behind. Clark explains why Gen X is saving less for retirement - and what they can do to catch up.
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[@CarrieV9]

Gen X always knew we were on our own. We’ll be fine.

[@chrisforker7487]

Everyone is on their own! Why do so many people feel like someone should save them, catch them, support them?? Be your own person and provide for yourself, yes, it’s hard, but that’s the way it is.

[@texasranchrocks]

We are retired, Saved and paid everything off. We felt we did well. But a word of caution ⚠️ Save more than you think is enough, we thought we did good, but it hurt watching inflation rapidly cutting our savings buying power in half....

[@BiggMo]

I think many of us older genX’rs had parents with good pensions and our parents didn’t teach us about investing. Now that private sector pensions are history, Younger generations have to think differently

[@Goat1229]

I agree with your statement, especially the first part. We weren’t taught about investing. By the time investing was our responsibility, it was too late

[@josefj1776]

My dad was they only one that had a pension it was $700 a month fixed when he retired in 2006 that is not enough to live off of. My mother is a nurse and they never offered one nor did they at her previous job as a cashier.

[@desiv1170]

Yeah, I agree here. I love my parents, but financial advice from them was "Close the fridge door. do you think we are made of money?" That said, I did get the "pension" message and ended up working for the state. Getting close to retirement and that pension will be key. But that wasn't an option for everyone and is an option for almost no one nowadays...

[@muzerhythm2242]

Gen X grew up in a time that's neither here nor there??? So many of us in our childhood grew up in the 70s and remember: parents being laid off, long gas lines, being signed up for school lunch program so we had enough to eat. These impacted my parents in a strong way and my dad thank goodness taught me about saving money and not buying anything you can't afford. Then later when I was 17 taught me about credit cards and basics about loans.

[@wt9653]

As a Gen X, I'm 58. I haven't had time to save my whole life.😢 I have a house that's paid for. When I turn 62, I'm selling everything and buy me an RV. I'll be traveling and living at RV Parks

[@chrisforker7487]

That doesn’t make any sense at all! What do you mean you didn’t have time, you had 30+ years to save!

[@wt9653]

@@chrisforker7487 Not when you live in the hills of West Virginia. It's hard to find good paying jobs here with high school education. My parents left me the house and 10 acres of property. It's worth about 450,000 dollars. I can comfortably live in my RV parked at the RV Park on my social security and savings. I also want to travel and see places. Besides, if I stay in my house, I can't afford to live without working into my 70s.

[@desiv1170]

@@chrisforker7487 Yeah, I think he's saying he hasn't had money to save during that time. The time is what it is..

[@seanhibbeler]

Invest in Bitcoin before retiring by diversifying across assets, allocating a small portion of your portfolio, staying updated on market trends, and considering long-term holding to balance risk and growth.✳️

[@OthelloTheiss]

Many new tra-ders struggle without proper guidance. I found success through James Clark's expertise.

[@bayhunter6]

​@@OthelloTheissexactly that's why I always seek Mr J Clark's guidance in all I do 😊

[@thesearethefables]

James Clark's market insights have consistently led to profitable decisions.

[@AudricEnriquez]

I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?

[@JDiegoCC-zf3cd]

Celebrating a $30k stock portfolio today from a $6k start. Investing wisely has given me time for family and future plans.

[@rgnestle]

Too bad "side gigs" don't give SSI benefits or unemployment benefits! The "gig" economy is the worst thing to happen to jobs since the loss of pensions!!!

[@MsGenXodus]

No unemployment bennies, but you still have to contribute to SSI via self-employment taxes. Gig workers pay both parts of the tax, though, whereas an employer is required to pay half and the employee pays half, usually.

[@josefj1776]

My job never would have offered a pension without a 401K what would us workers in the trades do?

[@hojo70]

Just turned 54 and work for a large financial firm which offers both pension and 401k. I started investing 15% into our 401k when I turned 30 and am now a millionaire and planning to retire in 1 year. My home and vehicles are all paid off. I cannot emphasize enough the power of compounding and the importance of investing as much as you can early on in your career.

[@db2631]

55 to 65 is a long span to cover your own health care.

[@gobot4455]

Congratulations!

[@Ikamcmorris]

When you retired how much your income from investment/401k / year?

[@stewdogg42]

Gen X rules!!

[@genxx2724]

Marketers couldn’t define us and figure out how to sell things to us. That’s why they called us X. X is the unknown. We are the coolest.

[@rubicon3416]

I've been around too many of you in the last 5 years. Not impressed. Big selfish spenders with not enough savings.

[@genxx2724]

@@rubicon3416 have you distinguished between early Gen X and late Gen X? Late Gen X has more characteristics of the spoiled millennials, my cousins included. Entitled takers.

[@db2631]

​@rubicon3416 came from somebody who didn't even say generation they are part of, lol!

[@jjirehministries7656]

So true! It was NWVER talked about in my household nor my husband's!

[@Gumby1978]

I am a baby boomer. I worked for a Fortune 500 company for 30 years. I received a pension but I was the last person in our location that qualified. We were also offered a 401k and I saved an average of 20% of my income. I never trusted my company to honor their end of their deal. I also never believed SS would be there for me. So, I was able to retire by living a modest lifestyle. The lesson is only plan on living on what you can save and if you get something extra then feel blessed.

[@adventureamerican7041]

42 with $240,000 in savings across personal, 401k, Roth IRA, Roth 401k, and includes $50,000 gold,silver and platinum.

[@av8rgrip]

I was born at the beginning of GenX. I have had no expectation of Social Security. As far as I am concerned the government stole from me, but that didn’t stop me from saving. Anyone who is still expecting social security is living under a rock.

[@7SideWays]

Thank you for mentioning Gen X in your title. Then immediately talking about Millenials and Gen Z like everybody else.

[@josefj1776]

I have read some retirement experts that pensions at the hight was at 40% of workers had one. And of that group a large number had a fixed pension of $500-$800 a month. My grandfather was one of them at $500 a month something hard to live in in 2016 when he died. In my working group most never offered a pension to auto technicians or HVAC workers. That is why the 401k or IRA is so great without it million would have no options.

[@WOLF-ib7xx]

When you don't make a living wage, how do you save money. When companies are slaving you, too make them rich.

[@KS-cl8br]

gen x 44 to 59 years old in 2024

[@sandysimpson3524]

I stopped saving in my 401k because I don’t trust the banking system with the bank bail ins. We are having an liquity problem.

[@picofreeflow]

That’s a bad idea but good luck.

[@kenny3269]

You might want to reconsider that. You should at least contribute up to the match. If not, I hope you have investments in other areas - real estate, a business, etc.; something that will generate an income.

[@teddyruxpin7876]

LOL

[@Maryanne-xo5ip]

how foolish, that's free $$ that you will never get back. I hope you reconsider

[@klittlet005]

I was lucky. In the 90's my wife was in college. One of her classes required her to take in alternative sources of news. Long story short, I copied and started listening to Bob Brinker on Sundays. Got me into basic investing

[@DebThomas]

I would like to have your input on the SSA changes coming to our Medicare Advantage Plans and to Medicaid. Sounds like a lot of stuff needs to be looked out for long term and with caution?

[@StoicLion]

When I turned 50-years old, I immediately updated my Roth IRA contribution.

[@chrisforker7487]

We are all just people, for crying out loud! Nothing physiological changes over time. I treat everyone the same, they don’t like it too bad! To me there’s no gen whatever, just people!

[@MrJestyler]

Problem is wages are not keeping up with cost of living. How do you invest and/or save when you barely have enough to live on 🧐

[@Press1for]

Ohh well

[@Goat1229]

A few decades ago, my first “ real “ job offered a pension. I was so happy because just like my dad, I all I had to do was stay for 30 years and I would be “ set for life “ ( dads words ) Boy, do I have a story to tell him once we meet again 😂

[@BrianK-zz4fk]

Gen X here, my grandparents on my moms side grew up in the great depression and passed that frugality and saving onto my mother and on to me. I have a 401k but probably will be deemed not enough for retirement and laugh. It doesnt have the flexabilty of a roth or brokerage account thus only contributed the match.

[@Maryanne-xo5ip]

so open a roth & brokerage account

[@jayschulz8060]

pension here gen x

[@virginiamoss7045]

My meager retirement savings are my generation X child's retirement savings. Her meager earnings plus taking 7 years off to raise a child and still a low-wage earner means she can't even afford her own housing after divorce now. Her Social Security won't be much so her only hope is that I can get through my senior years without using much of my retirement investments and she will inherit what's left. She may can do the same or, more likely, use it all up and that's fine, too. If it doesn't work out, I have no idea how she will get along at a time in life when you can't do very much.

[@don3667]

Pre internet investing. 🤣🤣

[@omegaplumbing]

Ive made some poor decisions

[@DianeBertani]

WOW, Im talking to myself. That's okay, because i because in Jesus christ. Y'all have great night! Please do not hate me. I just a old person , who has a lost people i loved very much.

[@Sarahjohnmark]

No matter the profession you are in, even if you have a 9-5 job, make sure you have an investment in crypto or Real Estate. The day you make your first $10, 000 trading crypto, you will realize it's possible to make $100,000 , $1,000,000 and then financial freedom. If I could do it even with no investing experience, I believe you can do it.

[@AndreFranciscal]

I Hit 57k today trading Bitcoin. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.

[@MiguelSanchez-e2x]

I'm new to cryptocurrency and i don't understand how it really works. How can someone know the right approach to investing and making good profit from cryptocurrency investments?

[@Sarahjohnmark]

Most people think, investing in crypto is all about buying coins and leaving it to rise, come on it takes much analysis to be a successful crypto trader. As a beginner, it's essential for you to have a mentor to keep you accountable. I'm guided by a widely known crypto consultant

[@Sarahjohnmark]

She is Expert Evelyn Kottle Simmons

[@MuhammadUsmanKalyar]

Venturing into crypto as a newbie was very difficult for me due to lack of experience which resulted in loosing funds... But Evelyn Kottle Simmons, restored hope shes a good woman

[@magnoliap5824]

This could be a Clark stinks, you talk about your own kids who aren’t even GEN-X. Don’t even give much advice as to what GEN-X needs to improve.

[@srercrcr]

You can't catch up!!! You don't have the value of COMPOUNDING over forty years.