Many individuals in this age group are concerned about falling short on their retirement savings—strategies for getting back on track.

This year, the oldest members of Gen X will turn 59, at which point they will be able to withdraw money from their 401(k)s and individual retirement accounts without incurring penalties.

According to a new retirement savings survey from Bankrate, nearly 70% of Gen X, comprised of Americans between the ages of 44 and 59, feel they are behind on their retirement savings. This is the highest percentage of any generation, per the survey.

What is the average 401(k) balance for Gen Xers in their 50s, and how does it compare to the median balance for the same age group?

Many Gen Xers are increasing their retirement savings by contributing more to their investment accounts, with nearly 30% saying they're doing so compared to the previous year, according to Bankrate's report.

Fidelity's second quarter retirement analysis shows that they have raised their IRA contributions by 30% to the highest level in five years.

"According to Mark Hamrick, Bankrate's senior economic analyst, those who prioritize retirement savings have a good chance of achieving their goal. It requires information, focus, and hard work, but it is achievable."

External factors have affected Gen X's retirement savings, and here are some ways they can catch up.

Gen Xers started saving for retirement later

Many Gen Xers may not have as much retirement savings as desired because they began contributing later than younger generations.

According to the Transamerica Center for Retirement Studies, Gen X began saving for retirement at a median age of 30, which is five years later than millennials and a decade later than Gen Z.

In the 1980s and 1990s, when Gen Xers joined the workforce, defined benefit plans such as pensions were gradually disappearing, while employers started offering 401(k) plans. Unlike today, employees had to manually opt-in to their employer's 401(k) plan rather than being automatically enrolled.

When people have to sign up themselves, participation rates are typically as low as 60%, but when they're automatically enrolled, rates exceed 90%, according to Anne Lester, a retirement expert and author of "Your Best Financial Life: Save Smart Now for the Future You Want," as she shared with Make It in June.

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Lester says that many Gen Xers, who are part of the "sandwich generation," are juggling the expenses of raising children and caring for aging parents, which may have affected their ability to save for retirement.

"People may find themselves contributing less than they should due to the finite resources they allocate towards daycare, housing, and other expenses."

How Gen X can get their retirement savings on track

To determine the amount of money needed for retirement, various personal factors such as location and travel plans should be considered. Fidelity advises saving six times your income by age 50 and eight times your salary by age 60 as a general guideline.

There's still time for Gen Xers to increase their retirement savings.

Lester suggests that Gen Xers who have not saved for retirement should aim for a savings rate of at least 30%, while Fidelity recommends a minimum of 15% including any employer match.

Individuals over the age of 50 have the option to contribute more money into their tax-advantaged retirement accounts, such as 401(k)s and IRAs, through catch-up contributions.

In 2024, qualified account holders can contribute an additional $7,500 to their 401(k), 403(b), governmental 457(b) or SARSEP plan, while people in that age group can make an additional $1,000 contribution to their traditional or Roth IRA.

Gen Xers can save more by downsizing their lifestyle, such as moving into a smaller home, and recalibrating when lifestyle changes occur, like kids no longer needing day care.

"Redirect the savings from reduced expenses like child care towards retirement planning," advises Lester. "Be proactive and plan for it ahead of time so that you can save the extra money effectively."

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