Gen Xers are nearing retirement. About half say they need a miracle.
Older Gen Xers are turning 59 ½ this month, when they can withdraw retirement assets without a penalty. But many don't have enough saved.
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Older Gen Xers are turning 59 ½ this month, when they can withdraw retirement assets without a penalty. But many don't have enough saved.
Over the next few years, the U.S. could see a surge in seniors living in poverty, one retirement expert predicts.
People say they need more money than ever to retire comfortably, but most employees are far from reaching their financial goal.
"The American Dream of retirement is going to be a nightmare for too many Gen-Xers," one expert said.
According to U.S. Census Bureau data, 50% of women and 47% of men between the ages of 55 and 66 have no retirement savings.
Despite higher prices, endless talk of a possible recession and falling markets, 401(k) participants managed to keep their savings rates relatively steady in the fourth quarter of last year, helping to stabilize their nest eggs and increase their overall average balances.
More employees are tapping their nest eggs to cover financial emergencies, from medical care to avoiding eviction.
"We don't have time for incrementalism anymore," said author Rick Warztman.
Experts say new legislation will make it easier to put money away, including for millions of Americans with student loans.
