American Dream Died With Gen-Xers As Retirement Nightmare Unfolds

The “forgotten generation,” about 64 million Americans born between 1965 to 1980 and known as Generation X, are unprepared financially for retirement, according to a new study, warning about their “dismal retirement outlook.”

The National Institute on Retirement Security wrote in a report that Generation X was the first generation to enter the labor market following the shift from defined benefit pension plans to 401(k)-style defined contribution accounts.

Author of the report and NIRS research director, Tyler Bond, wrote in a statement, “When looking at median retirement savings levels for Generation X, report finds that the bottom half of earners have only a few thousand dollars saved for retirement, and the typical household has only $40,000 in retirement savings.” Shockingly, the study found approximately 40% of the generation have saved not even a single cent towards retirement.

The report relies upon data from the Survey of Income and Program Participation. This nationally representative survey provides income, employment, household composition, and government program participation data. Here are more key findings from the report:

Slightly more than half (55%) of Gen Xers are participating in an employer-sponsored retirement savings plan.
Most Gen Xers, regardless of race, gender, marital status, or income, are failing to meet retirement savings targets.

“Most Gen-Xers don’t have a pension plan, they’ve lived through multiple economic crises, wages aren’t keeping up with inflation and costs are rising. The American Dream of retirement is going to be a nightmare for too many Gen-Xers,” NIRS Executive Director Dan Doonan told CBS News.

In June, we cited a separate study that called Generation X, the “Broke Generation,” after a whopping 64% of respondents said they quit saving for retirement not because they didn’t want to but couldn’t afford to.

As for millennials…

Is the American Dream dead? pic.twitter.com/fA8PTCwKos

— Chairman (@WSBChairman) July 16, 2023

By PatriotmanPublished On: July 18, 2023Categories: Uncategorized2 Comments

About the Author: Patriotman

Patriotman currently ekes out a survivalist lifestyle in a suburban northeastern state as best as he can. He has varied experience in political science, public policy, biological sciences, and higher education. Proudly Catholic and an Eagle Scout, he has no military experience and thus offers a relatable perspective for the average suburban prepper who is preparing for troubled times on the horizon with less than ideal teams and in less than ideal locations. Brushbeater Store Page: http://bit.ly/BrushbeaterStore

2 Comments

vagabond July 18, 2023 at 11:07

Are things REALLY worse now?

Look at this: today’s standard family of 4 has a discretionary income of around 15% of household income. But by contrast in 1960 it was around 40%. College, housing and medical have increased the most to account for that.

But the real kicker is this: back in oppressive, racist, boring, homophobic 60’s that income was earned by Dad alone. Today it’s factored in as two incomes.

So yes, economically speaking today sucks by comparison.
oughtsix July 18, 2023 at 17:31

Cue the Boomerblame tropes in three, two, one…………………………