401(k) shift leaves Generation X with lower retirement savings compared to baby boomers.
Generation X faces financial challenges as they approach retirement due to the shift from traditional pensions to 401(k)s, leaving them responsible for retirement planning. Recent data shows Gen Xers' median household net worth between ages 45 and 54 was approximately $250,000 in 2022, 7% lower than baby boomers of the same age in 2007. The retirement savings gap may require significant policy changes to ensure adequate financial support for future generations.
August 21, 2024
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