CHICAGO: Gen Xers are still paying off student loans while raising families on wages that have barely budged in recent years. They have more debt than other age groups and are more pessimistic about ever being able to afford to retire, claims a survey conducted by Northwester Mutual Life Insurance.
Almost 40% say they “don’t at all feel financially secure,” and 38% have more debt than savings, more than any other generation.
On average, people in their 40s had saved $62,087. That means Gen Xers who plan to retire at 65 have a considerable way to go to accumulate the $1 million they’ll need to generate $40,000 a year as seniors.
But the survey has taken too narrow a view. Gen Xers won’t retire, work until death and have no need of a pension scheme.