A recent study of Generation X and younger Baby Boomers has found that only one-third are very confident of having enough money to live on during retirement, cover medical expenses and pay for their children's higher education.
The report, "Retirement Readiness of Generation X: An Overview of the Next Generation of Retirement Investors," by the Insured Retirement Institute, found that only 41 percent of GenXers have tried to figure out how much money they need to save for retirement, and those who have saved for retirement have saved less than $100,000.
Gen X was hit particularly hard by the poor economy. Fifteen percent of GenXers made early withdrawals from their 401(k) plans, 23 percent stopped contributing to their retirement accounts and 22 percent stopped contributing to college savings plans. 
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