People in Their 40s and 50s Are Getting Nervous About Retirement

The latest Annual Retirement Study conducted by insurance giant Allianz Life showed Generation X—mostly people in their 40s and 50s now—is more financially insecure than baby boomers or millennials.

The insurance company surveyed 1,000 individuals in early 2024 aged 25 and over in the U.S. with an annual household income of $50,000+ (single), $75,000+ (married/partnered), or with investable assets of $150,000+. 

55% of Gen X Regret Not Saving More

Notably, just 62% of Gen Xers said they are confident that they have the means to support their life goals, compared with 82% of boomers, who came before them, and 77% of millennials, who are younger.

The survey showed that 55% of Gen Xers had regrets about not saving more, while 58% said they had no written financial plan. This has shocked them into taking action, with 64% focused on paying off debts, 58% working on building up an emergency fund, and 55% seeking to improve their credit score. Another recent study said many U.S. taxpayers were planning to use their tax refunds for these purposes.

'Crunch Time' for Retirement Planning

“Gen Xers are reaching crunch time for retirement planning,” said Kelly LaVigne, vice president of Consumer Insights, Allianz Life. “Saving more overall is foundational to retirement,” Lavigne said. “However, Gen X may need to take this a step further and remember that a retirement strategy isn’t just about one big final number in the bank. Once you retire, you are going to need to draw from those assets for income."

The Allianz Life survey tapped into a mixed demographic, with respondents who identified as Black/African American, Hispanic, Asian/Asian American, and White.