Gen X unprepared financially for retirement

Editor's Note

People born between 1965 and 1980, known as Generation X, are not prepared financially for retirement, according to a study from the National Institute on Retirement Security.

Those with a private retirement plan have about $40,000 in savings, lower income Gen Xers have about $4,300, and some 40% don’t have anything saved.

Obstacles to saving include:

• limited access to employer-sponsored pension or 401(k) plans
• higher student loan debts than Baby Boomers had
• flat wage growth for most of their careers.

The failure to meet retirement savings targets cuts across race, gender, marital statue, and income.