Other findings from Northwestern Mutual’s 202 Planning and Progress Study also raise concerns about retirement preparedness.

Fifty-six percent of Gen Xers believe it's likely they will outlive their saving. It's not surprising, therefore, that Gen Xers express the most concern about being able to afford retirement and are the least likely among all generations to say they expect to leave an inheritance.
Gen Xers have significantly less clarity than boomers on a range of issues in their financial lives, including how inflation and taxes could affect retirement, strategies to address health care and long-term care needs, and more.
Half of Gen Xers say they have had a financial blind spot when it comes to managing their finances by placing too much emphasis on building wealth without dedicating enough to protecting their assets.
Nearly half of Gen X members are planning to continue working during their retirement years or already are doing so. Most who are working or planning to work in retirement say they will continue to work out of necessity to be in a position to afford retirement. One-third say it will be part-time at a different job, and one-quarter say it will be full time at a different job.
More than one-third of Gen Xers say uncertainty about finances keeps them up at night at least once a month. One thing weighing on the minds of roughly half of Gen Xers is whether Social Security will be there for them when they qualify for it. That question is neck-and-neck with, "How much will I need to retire comfortably?" among the most important retirement issues for Gen Xers.
Gen Xers are less likely than boomers to have sought professional help for their finances. The survey found that one-third of Gen Xers currently work with an advisor, which is 10 percentage points lower than the 43% of boomers who do the same.

"A financial advisor can bring structure and strategy to what otherwise might feel overwhelming," Sippel said. "For Gen X, who are navigating a complex mix of responsibilities and goals, that kind of support can make the difference between feeling lost and feeling empowered."

Instant Insights /

Gen X is nearing retirement and fears they aren't ready

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