Gen Xers born between 1965 and 1980 are caught in a pressure cooker of financial obligations.
They’re often caring for both children and aging parents, or paying for older kids to attend college while also facing their own retirement shortfall.
According to a 2023 report from the National Institute on Retirement Security, the average balance for private retirement accounts among Gen X workers was just shy of $130,000 as of December 2020.
That’s not nearly enough to fund a retirement of 30 years or even more.
“Gen X isn’t just behind, they’re overwhelmed,” said Trevor Houston, CEO at ClearPath Wealth Strategies in Frisco, Texas, in an email. Rising expenses have outpaced wage growth, he added.
However, Gen Xers shouldn’t give up hope, said Constance Craig-Mason, founder of the Money TALK$ movement, based in York, Pennsylvania, in an email.
“If you’re a Gen Xer hitting 50 with little to no retirement savings, I want you to know: This isn’t the end of your story. It’s your cue to get strategic, not stuck,” she said.
That means facing up to reality.
“Retirement isn’t an age, it’s a math problem. And the sooner you face the numbers, the sooner you can start rewriting your future,” Houston said.
[READ: How to Retire in 5 Years]
The Retirement System Wasn’t Built for Gen X
Unlike baby boomers, who often had pensions, or millennials, who came of age with financial technology and better access to online guidance, Gen X was largely left to figure out retirement on their own.
“They were the test pilots of the 401(k) era,” Houston said. “Thrown into DIY retirement planning with little to no guidance. Many got lost in the shuffle.”
For example, according to data from the Social Security Administration and Bureau of Labor Statistics, in March 2023, just 15% of private industry workers had access to a defined benefit plan. That’s down from 20% in 2010 and down from 33% in 2000.
“Gen X is likely facing a very different retirement reality than boomers: Fewer pensions, longer life expectancies and rising health care costs mean they need to save more on their own,” said Mindy Yu, senior director of investing at New York-based Betterment at Work.
“Compared to millennials, Gen X is closer to retirement, so time is more limited, but the opportunity to catch up is still realistic with the right strategy,” she added.
[READ: What Is the Full Retirement Age for Social Security?]
Resetting at 50: What Gen X Can Do Now
Rebooting your finances in your 50s is an exercise in urgency and intention. The first step is to gain clarity on your assets and liabilities and develop a realistic picture of what retirement might look like.
“You can’t fix what you won’t face. Total up your income, debts, assets — even small ones. This becomes the foundation for everything else,” Craig-Mason said.
Houston suggested gathering up old 401(k)s from previous jobs. “The process of consolidation helps make it easier to manage and minimizes the expenses that drag on your future savings.”
Retirement savers who are 50 and older can take advantage of catch-up contributions in their tax-advantaged retirement accounts. For 2025, the catch-up limit for a 401(k) or a 403(b) is $7,500. For an individual retirement account, that limit is $1,000.
[How to Save for Retirement After Age 50]
Build a Future with Flexibility
Building a sustainable retirement from a late start may require some creative strategies. That might include not only catch-up contributions and debt reduction, but also working longer than you’d planned or taking side jobs, as long as they don’t burn you out.
“Plan on working until 70, even if it’s part time, to maximize Social Security and allow as much time as possible to compound and grow your retirement accounts and investments,” said Nick Bour, founder and CEO at Inspire Wealth in Brighton, Michigan.
In a March 2025 Social Security report, brokerage Charles Schwab recommended holding off on claiming Social Security if possible.
“If you have a choice and are in good health, think seriously about waiting as long as you can to claim Social Security benefits (but no later than age 70),” wrote Rob Williams, Schwab’s managing director of financial planning, retirement income and wealth management.
“A long retirement coupled with uncertainty about markets and inflation are the biggest risks. Delaying Social Security, if you can, is effectively an insurance policy against those challenges,” he added.
Practical Solutions
Gen X savers should consider meeting with a financial advisor to run a retirement stress test.
“Your employer may even offer free access to one through financial wellness benefits,” Yu said.
“Don’t wait to get a sense of what’s realistic. A professional can help you model income needs, estimate Social Security benefits and build a plan for making your money last, whether that means delaying retirement, working part time or optimizing other assets,” she said. “It’s never too late to build a plan that gives you more confidence and control.”
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What Is the Average Retirement Savings for Gen X? originally appeared on usnews.com
Update 07/02/25: This story was published at an earlier date and has been updated with new information.
