More than two-thirds of Americans between the ages of 27 and 42—members of generation X—expect they’ll have a gradual retirement and some expect they won’t be able to retire at all, according to a survey.
The survey, commissioned by Scottrade and BetterInvesting, finds that 43% percent of gen Xers feel they will never be able to retire fully and 26% were unsure about their ability to ever retire. Just 31% believe they will have an abrupt retirement and never have to work again.
Forty percent are saving more today because they don’t expect they can count on Social Security, but 87% of the respondents believe they deserve Social Security benefits.
“Gen X is in the middle of a ‘retirement perfect storm’—very high expectations, low retirement savings and massive concern about the future of Social Security,” says Chris Moloney, Scottrade’s chief marketing officer.
Even though generation X is concerned, the survey suggests they are taking action to prepare for the future. Compared to their counterparts in other age groups, gen X is saving more and spending less. A larger proportion of them are also paying down their debts and curbing their usage of credit cards to address their fears about the future.
To comment on this story, email craig.sebastiano@rci.rogers.com.