A 2024 Transamerica Center survey found that 77% of Generation X workers are worried Social Security will not be available when they retire, even though 81% plan to rely on it substantially. Gen X — born between 1965 and 1980 — is now approaching their 50s and early 60s, with a median household retirement savings of only $107,000. Social Security trust funds are projected to be depleted by 2034, which would automatically trigger a 19% reduction in benefits unless Congress acts. Nearly 40% of Gen X workers expect to work until age 70 or never retire at all. Financial planners urge this generation to stress-test retirement plans assuming reduced Social Security income.

They feel more financially vulnerable than other generations. It should be an exciting period of their life. But clearly, many are not feeling that.

Source: AARP →