Generation X people are close to retirement, but don’t think they can afford it

In fact, Generation X people are the least likely to feel confident about their retirement savings than any age group in the U.S., according to BlackRock’s ninth annual report. Read the Retirement Surveywhich asked nearly 3,000 Americans about their finances. About 60% are on the right track, compared to 68% for baby boomers and 77% for Gen Z.

It’s more fodder for the growing research on the financial difficulties plaguing Generation X. Earlier, a Prudential survey found that people around age 55 have an average of $47,950 in savings — just 10% of Prudential’s recommendation of having $446,565 by that age. (The firm’s general rule is to have eight times one’s annual salary saved by age 55.) A separate Study A study by the National Institute on Retirement Security, a nonprofit research organization, found that the typical Generation X family had just $40,000 in retirement savings.

There are many reasons why someone isn’t saving for retirement — they may have other priorities, or they may not be able to cover all their other expenses each month, especially in a time of high inflation. But for an entire generation, financial experts point to the shift from companies saving for employees — through tools like pensions — to employees taking on the responsibility for saving nearly all of their own. Saving money for retirement on your ownThat really intensified with this generation of workers.

In fact, while Millennials and Gen Zers have had more time than Gen X to learn about saving and investing for their own retirement, older generations were the guinea pigs for this change.

The good news is that even though Gen X may feel the least prepared, they are actually the most likely to save consistently, according to BlackRock’s survey. 80% said so.

The oldest Generation Xers are now turning 59, a milestone in retirement planning. For those who are able to do so, financial advisers recommend taking advantage of catch-up contributions, or the ability to invest more in retirement accounts like IRAs and 401(k)s after age 50.

And they are also the first generation to benefit from the Great Wealth Transfer, when tens of trillions of dollars will be passed from wealthy baby boomers to their young spouses, children and other heirs over the next decade or so. That could help boost their confidence.