While Gen X claims they require more than $1.5 million to retire comfortably, the majority of them have less than 5% of that amount saved.

The retirement age for Gen Xers is approaching.

According to Allianz Life Insurance's 2024 annual retirement study, many are concerned about not having enough savings to support themselves when they retire.

According to Fidelity Investments, the median 401(k) account balance for Gen Xers as of the first quarter of 2024 is $54,500.

According to Northwestern Mutual's 2024 Planning and Progress study, on average, Gen Xers believe they will need $1.56 million to retire comfortably, which is a long way from their retirement savings goals.

Retirement saving obstacles

Several factors have hindered Gen X from saving more for retirement.

According to Fidelity's 2024 State of Retirement Planning study, on average, Gen Xers started saving for retirement at 36, while millennials and Gen Zers began at ages 27 and 20, respectively.

According to Anne Lester, a retirement expert and author of "Your Best Financial Life: Save Smart Now for the Future You Want," many Gen X workers were already established in their careers when auto enrollment, which automatically enrolls employees in their employer's 401(k) plan, became effective.

"According to CNBC Make It, when Gen Xers began working, they were faced with the decision of whether to join their company's 401(k) plan. Typically, participation rates are low, around 60%, when individuals must sign up on their own. However, when enrollment is automatic, participation rates increase significantly, to over 90%."

How Gen Xers can boost their retirement savings

It's not too late for Gen Xers to start saving for retirement.

To ensure a comfortable retirement, it's important to focus on your retirement savings rate, which is the percentage of your income you set aside annually for retirement. While Fidelity recommends a savings rate of 15%, you may need to adjust that number based on your specific goals.

"According to Lester, the amount of money you need to save depends on your age and how far behind you are. If you're in your 30s and haven't started saving, you may need to save 15% of your own money. However, if you're in your 40s and have zero saved, you may need to save closer to 30%."

Lester suggests reviewing expenses to identify areas for reduction, which can help redirect funds towards retirement savings.

"Consider reducing your standard of living to save more and adjust to a lower income postretirement," she advises.

Individuals aged 50 and above can make catch-up contributions to tax-advantaged retirement accounts, such as 401(k)s and individual retirement accounts. These additional contributions enable workers to exceed the annual contribution limit. In 2024, workers aged 50 and older can contribute an extra $7,500 to their 401(k), 403(b), governmental 457(b) or SARSEP plan.

It may be advantageous for Gen Xers to consult with a financial advisor or planner to create a customized retirement plan that aligns with their specific objectives and obstacles, according to Lester.

"Seeking advice can be beneficial to clarify your current position, desired future, and potential income after retirement."

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