Gen X approaches retirement seeking guidance for the financial challenges they face.

Generation X is used to living in the shadows of the larger Boomer and Millennial generations. Gen X investors (ages 44-59) have their own perspectives on the challenges and opportunities that lay ahead in the years just before retirement.

A recent Advisory Authority survey of Gen X investors along with investors in other generations, powered by the Nationwide Retirement Institute^®, highlights the challenges this generation now faces, helping financial professionals fine-tune their approach to working with their Gen X clients.

Inflation and recession fears are affecting Gen X retirement plans.

Many Gen Xers are changing their retirement plans because of economic pressures. Nearly half (44%) of non-retired Gen Xers expect to retire at age 66 or later, while 8% don’t expect to retire at all. One-fifth of Gen X investors think they’ll need at least $2 million in retirement savings to feel comfortable about their financial future.

60%

of pre-retiree Gen X investors (aged 55-59) are adjusting their portfolios due to high inflation.

67%

of pre-retiree Gen X investors believe they have enough savings to survive a potential recession in the next 12 months.

Woman sitting at a desk with a computer and writing something.

Over half of Gen X investors provide financial help to parents or children.

Many Gen Xers are now part of the “sandwich generation”—simultaneously looking after their aging parents while supporting their children. They’re feeling the financial squeeze of caring and supporting both generations, and it’s affecting how they plan for retirement.

The pressures of caring for older and younger generations are impacting Gen X retirement plans.

20% are unable to save for retirement.

23% have stopped or reduced retirement contributions.

16% have made withdrawals from investment or retirement accounts.

Did you know… 55% of advisors say their clients manage and pay for their aging parents' caregiving needs

Couple sitting at a table talking with an advisor.

Help solve the retirement planning challenges of Gen X clients.

As Generation X nears retirement, many are preparing for the financial pressures they face by prioritizing saving and planning for the future. They value the guidance of financial professionals to personalize their investment and financial planning strategies to help them reach their goals of a secure retirement.

How financial professionals are helping Gen X clients manage their current retirement planning challenges.

of advisors are utilizing tax deductions and credits.

suggest long-term care insurance for aging parents.

35% prioritize retirement savings over other expenses.

Grow long-term client relationships by helping them find confidence.

Turn to Nationwide for resources and support that adds to the value to bring to your clients relationships and helps them prepare for the challenges of their financial futures.

Discover of full range of financial planning resources.

This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional.

The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 610 advisors and financial professionals and 2,496 investors ages 18+ with investable assets (IA) of $10K+, August 26-September 13, 2024. Among the investors, there were 319 Gen Z (18-27), 724 Millennials (28-43), 635 Gen X (44-59), and 741 Baby Boomers (60-78).

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data for advisors is accurate to within + 4.0 percentage points and for investors the sample data is accurate to within + 2.5 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed populations of interest. The sample data for the subset of pre-retiree investors age 55-65 who are not retired is accurate to within + 6.7 percentage points using a 95% confidence level.