Gen X: Bridging Retirement Savings Gap

Generation X faces a significant retirement savings gap, with expectations of needing over $1.1 million but only saving $712,000. This shortfall is due to the shift from pensions to defined contribution plans, like 401(k)s, which Gen X had to actively manage. Automatic enrollment and contribution increases, now common, were not available to them. Strategies like maximizing 401(k) contributions and delaying Social Security benefits can help close this gap.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.