Gen X and Retirement
“I’m gonna make him an offer he can’t refuse.”
— The Godfather
Something strange happened this past year.
I started meeting with more and more people who want to retire in their early fifties. And I realized — these people are my age.
That’s never happened before. When I was 30, helping a 60-year-old retire felt like helping someone from a different generation. Their fears were real, but they weren’t my fears. Their dreams made sense, but they weren’t my dreams.
Now it’s different. Now I’m sitting across from people who are trying to escape work they don’t like. People who feel like they’re leaving life on the table. People who want to do things they haven’t done yet — before it’s too late.
And I get it. Because I’ve been there.
The Generation That Got a Rough Hand
Gen X — born between 1965 and 1980 — is the first generation to reach retirement without the safety net of traditional pensions. We entered the workforce just as defined-benefit plans were disappearing, replaced by 401(k)s that were still in their infancy.
As one financial expert put it: “Traditional pensions mostly disappeared right as we entered the workforce.”
The 401(k) puts everything on our shoulders. How much to save. How to invest. How to withdraw it in retirement. No one gave us a manual. And for many of us, retirement didn’t feel urgent until it was almost too late.
According to a Nationwide Retirement Institute study, 61% of non-retired Gen Xers say they didn’t feel retirement was an urgent priority until age 50 or older. And about a quarter won’t feel that urgency until age 60.
By then, the math gets a lot harder.
Source: Nationwide Retirement Institute / The Harris Poll, “Advisor Authority Study,” December 2025
The Numbers Don’t Lie
The Schroders 2025 US Retirement Survey found that Gen Xers expect to retire with about $712,000 saved — but believe they need $1.1 million to retire comfortably. That’s a gap of roughly $405,000. The largest shortfall of any generation.
Only 16% of Gen Xers feel they’ve saved enough.
Meanwhile, the average Gen X 401(k) balance is $222,100, according to Fidelity’s Q4 2025 analysis. That’s a long way from the $1.46 million that Americans now say they need to retire comfortably.
More than half — 53% — of Gen Xers are concerned about outliving their assets. And they’re right to be concerned. We’re living longer than our parents, with fewer guarantees.
Sources: Schroders 2025 US Retirement Survey; Fidelity Q4 2025 Retirement Analysis; Northwestern Mutual 2026 Planning & Progress Study
The Sandwich Generation
Here’s the other thing nobody warned us about: We’re stuck in the middle.
Gen X is the “sandwich generation” — caring for aging parents while still supporting children. According to the Allianz 2025 Annual Retirement Study, 18% of Gen Xers have both a child under 18 and a living parent they’re helping to support.
And it’s taking a toll.
The study found that 59% of sandwich generation members have reduced or stopped contributing to their retirement savings because of these dual responsibilities. Three-quarters say providing care for everyone feels like a full-time job.
When you’re paying for your kid’s college while also helping your mom with medical bills, retirement savings become the thing that gets pushed to next year. And then the year after that.
Source: Allianz Life, “2025 Annual Retirement Study,” September 2025
The Feeling of Being Stuck
There was a time when I felt stuck too. I remember what it was like to wake up and feel like I was trading my best years for something that didn’t fit anymore. I wasn’t unhappy in the dramatic sense. But I wasn’t free either.
That feeling — being trapped and burnt out in your 40s and 50s — is sometimes called the “midlife career crisis.” It’s that moment when you start questioning everything. Your career choices. Your life’s purpose. Whether the daily grind is worth it.
You might find yourself wondering what happened to that young, independent person who thought they could change the world.
I see it constantly in the clients I meet. The restlessness. The questioning. The desire to do something different before it’s too late.
There’s a Way Through
The feeling of being stuck is real. But it’s usually not permanent.
Most people assume they have two choices — stay miserable or quit everything. But when you actually run the numbers and look at scenarios, a third path often appears. One that doesn’t require blowing up your life.
I’ve seen people negotiate four-day work weeks. I’ve seen people drop the parts of their job they hate and keep the parts they love. I’ve seen people start businesses on the side and slowly transition over two or three years.
And yes, I’ve seen people walk away entirely — because the math showed they could.
The difference between feeling stuck and feeling free usually isn’t more money. It’s more clarity.
Permission to Move
I recently met with a man who wants to start a company with his two daughters.
That’s a beautiful thing.
But he wasn’t asking whether it was a good idea. He was asking whether he could afford to do it. He needed to know if the numbers gave him permission to take the leap.
And they did. Even if that new business never becomes wildly profitable, he’s going to be okay. He doesn’t need it to be a home run. He just needs to know he won’t run out of money.
That’s the thing about financial clarity. It doesn’t just answer the question “Can I afford this?” It answers the deeper question: “Am I allowed to want this and still be ok?”
Most people don’t need more money to make a change. They need more certainty about what they already have.
Real financial planning for real life.
Riverbend is a fee-only, fiduciary advisor. Our plans are personal, shaped by your values and designed to help you build a full life.
Who We AreNot All or Nothing
When a 52-year-old says, “I just want out,” the instinct is to think in extremes. Stay miserable or quit everything.
But that’s rarely the only choice.
Sometimes the answer is a phased retirement — what I call retirement with training wheels. Five days becomes four. Then three. Then two. The work you hate gets dropped. The work you love stays.
Sometimes it’s a negotiation. A different role. A reduced schedule. A transition period that lets you ease into what’s next instead of jumping off a cliff.
And sometimes, yes, a clean break is the right move. But you can’t know that until you get clear about where you stand financially.
The point is: options exist. Most people just don’t see them until they stop and look.
The Real Question
It’s easy to get lost in the numbers. Portfolio performance. Projected income. Withdrawal rates. Safe spending levels.
All important.
But they’re not the real question is: How much is freedom worth to you?
If the numbers show you’re going to be okay — that you won’t run out of money — what is that knowledge worth? What would it mean to finally have certainty instead of anxiety? To stop wondering and start planning?
Everyone answers that differently.
But for most people, freedom is priceless.
What You Can Do
If you’re a Gen Xer reading this — if you’re in your 40s or 50s and wondering whether there’s more out there — here’s what I want you to do.
Get clear about where you are financially. Run the numbers. Look at scenarios. Don’t assume you know the answer.
Explore your options. Sometimes a big change is needed. But often, you have more flexibility than you realize — a phased retirement, a different role, a negotiation with your employer.
Talk to a professional. According to the Schroders study, more than half of Gen Xers have not done any retirement planning. And 53% report they don’t have a financial advisor. You don’t have to figure this out alone.
Don’t wait until 60. The Nationwide study found that once Gen Xers finally prioritized retirement, 34% increased their contributions, 23% sought professional advice, and 40% cut discretionary spending. Action helps. But starting earlier helps more.
Sources: Schroders 2025 US Retirement Survey; Nationwide Retirement Institute, December 2025
The Bottom Line
Gen X got a rough hand. We’re the first generation without pensions, the sandwich generation caught between kids and parents, and the generation that didn’t prioritize retirement until it was almost too late.
But it’s not too late.
The oldest Gen Xers are still roughly 5- 10 years from full retirement age. That’s a window. It’s time to use it.
And if you’re feeling stuck — if you’re burned out, restless, or wondering whether there’s more to life than this — you might be closer to freedom than you think.
Sometimes you just need someone to help you see it.
Side note: writing this reminded me of a meme that said, “I saw an old person the other day and then realized we went to high school together”.
It is funny and so true!
As for me and retirement…NOOO WAY!!!! I am having way too much fun running Riverbend.
Thank you all for joining me on this journey.
