Gen Xers fret over Social Security. "I will likely be working in retirement."
Summary
Many Generation X workers (aged 46 to 61) are worried about retirement because they have saved too little money and may need to keep working even after retiring. Social Security might become their main source of income, but the program faces a funding shortfall that could reduce benefits by 2032.Key Facts
- Generation X includes people born between 1964 and 1980, now aged 46 to 61.
- Their oldest members will turn 62 next year, the earliest age to claim Social Security.
- In the 1970s, about 50% of private-sector workers had pensions; today only about 14% do.
- Pensions guarantee income at retirement, while 401(k) plans rely on individual saving and investing decisions.
- Many Gen Xers have insufficient savings; the median amount is about $107,000.
- Gen Xers estimate they need around $700,000 to support a comfortable retirement.
- A survey found 41% of U.S. workers over 55 now expect Social Security will be their main retirement income, up from 25% last year.
- Social Security funding is projected to run short by 2032, risking benefit reductions.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
