A report by the Retirement Income Institute’s Alliance for Lifetime Income (ALI) warns that Gen X is facing a retirement crisis, with women saving only $6,000 and men saving $13,000. Only 14% have access to a traditional pension, compared to 56% of boomers (1).

Gen X, born between 1965 and 1980, are between 45 and 60 now and are financially unprepared for retirement due to supporting aging parents and children (2).

Gen X has lived through recessions, student loan cost increases, and stock market corrections, with seismic shifts in retirement savings methods. They can no longer rely on employer pensions, personal savings, and Social Security as in the past (3).

The ALI report notes that Gen X will heavily rely on Social Security, which was only designed to replace 40% of pre-retirement income. The impact of financial insecurity will be felt by the whole generation (4).

To boost retirement savings, Gen Xers can estimate their retirement income needs, utilize catch-up contributions, and take advantage of employer matching programs. They can also consider health savings accounts and gradually rebalance their investment portfolios (5).

The ALI report provides valuable insights for Gen Xers to secure their retirement future by taking proactive steps to increase savings, estimate retirement income needs, and make use of employer programs and tax-advantaged accounts like HSAs (6).

Read more at Yahoo Finance: Gen X is behind on retirement savings more than any other generation. Here’s how to catch up and secure your future