Goldman Sachs says just 49% of Gen X savers are on track
Goldman Sachs, the giant Wall Street bank, just published a new survey.
The short version
- Only 49 percent of Gen X workers feel ready for retirement.
- That is the lowest of any living generation today.
- Fifty-seven percent take side jobs just to pay bills.
Check your retirement account today. Goldman Sachs, the giant Wall Street bank, just released a new report showing that only 49 percent of Generation X savers feel on track for retirement, down from 58 percent last year. That makes them the only generation where fewer than half feel secure.
Greg Wilson, head of retirement at Goldman Sachs Asset Management, said workers are showing stability on the outside while working harder just to keep up. The survey of 5,106 people reveals a generation caught in the middle of their peak earning years.
Fifty-seven percent of Gen Xers say their main job is financially stable, which is the lowest of any generation. Thirty-seven percent point to everyday grocery and living expenses as their biggest savings hurdle. To make ends meet, 57 percent have taken on work outside their main job, and 72 percent of those side workers say they need the income.
Chris Ceder, senior retirement strategist at Goldman Sachs Asset Management, warned that delaying major financial goals only compounds the savings problem. Meanwhile, the overall market is turning defensive as workers cutting their retirement savings jumped to 14 percent from 8 percent. The one bright spot is that savers with a personalized retirement plan are far more likely to feel on track, at 72 percent compared to just 33 percent without one.
For the generation that entered the workforce as the old pension system died, the 401(k) math is getting harder to ignore.
Photo: Ajay Suresh, CC BY 4.0, via Wikimedia Commons
