Gen X Finally Tops Boomer 401(k) Balances, But Will It Be Enough To Retire?

[crossbody]

Gen X finally tops Boomer 401(k) balances, but will it be enough to retire?​

Updated Sun, Jun 23, 2024, 12:04 PM CDT

For the first time ever, Gen X workers saw their 401(k) balances top those of Baby Boomers, Fidelity data showed.

Balances for Gen X workers who’ve been saving for 15 years averaged $543,400, $200 more than Boomers’, according to the financial service firm’s analysis of its more than 22 million accounts in the first three months of the year. Gen X, born between 1965 and 1980, is the next generation to retire behind the Boomers born between 1946 and 1964 retiring now.

Gen X is often referred to as the forgotten generation, sandwiched between the large and culturally powerful Boomers and Millennials. It’s also the first generation to start working as 401(k)s replaced pension plans. Surveys have shown many of them don’t have nearly enough for retirement, but Fidelity’s report shows some green shoots.

Gen X finally tops Boomer 401(k) balances, but will it be enough to retire?

For the first time, Gen X's 401(k) balances top those of Boomers, Fidelity says. Is it enough to get the forgotten generation back on track to retire?

finance.yahoo.com

 

[crossbody]

That's my generation.

They gave us the name "X" because they said we did not stand for anything - we were useless. Now we have all the money. The baby boomers did not help us. They actually made life hard and difficult for us because they would not hand over the executive power at companies.

The difference is that today, Gen X shares executive power with Gen Y. The baby boomers did not think those of is in Gen X were responsible enough to breathe.

 

[crossbody]

What’s driving the trend?​

Two things, Shamrell said.

Boomers are retiring so they’re not contributing to their nest egg and, instead, drawing down their 401(k) savings, as they should.

Simultaneously, Gen X is approaching retirement, so they’re more aggressively saving as much as they can. Amen to that part.

 

[okfine]

That's my generation.

They gave us the name "X" because they said we did not stand for anything - we were useless. Now we have all the money. The baby boomers did not help us. They actually made life hard and difficult for us because they would not hand over the executive power at companies.

Is someone sharing those "we" dollars with you?

 

[crossbody]

Is someone sharing those "we" dollars with you?

Gen x was well-schooled on finances and retirement planning.

We were always told you will not be able to depend on social security, a pension/annuity, etc... so do this, and do that, and we did it. We aced all of the financial planning. We not retired yet, we are still growing those next eggs. We were smart at taking good advice when we were young.

Thanks to Dave Ramsey who really schooled us 20 years ago- Total Money Makeover.

 

[MarathonMike]

That's my generation.

They gave us the name "X" because they said we did not stand for anything - we were useless. Now we have all the money. The baby boomers did not help us. They actually made life hard and difficult for us because they would not hand over the executive power at companies.

The difference is that today, Gen X shares executive power with Gen Y. The baby boomers did not think those of is in Gen X were responsible enough to breathe.

Why the generational warfare dude? I've never heard of your definition of Gen X. Over the top, highly generalized and inaccurate IMO.

 

[okfine]

Gen x was well-schooled on finances and retirement planning.

We were always told you will not be able to depend on social security, a pension/annuity, etc... so do this, and do that, and we did it. We aced all of the financial planning. We not retired yet, we are still growing those next eggs. We were smart at taking good advice when we were young.

Thanks to Dave Ramsey who really schooled us 20 years ago- Total Money Makeover.

Crossbody? Are you a woman fitness guru or just a wetard?

 

[crossbody]

Why the generational warfare dude? I've never heard of your definition of Gen X. Over the top, highly generalized and inaccurate IMO.

What log have you been hiding under. That's been well known about Gen X since the 1980s.

 

[crossbody]

Crossbody? Are you a woman fitness guru or just a wetard?

I don't really understand your negativity or what's it about. It's probably your terminology I have no affiliation with sorry. I was not raised around a negative environment it's foreign to me.

 

[crossbody]

If you read the article it tells you all about Gen X. It says Gen X is....

"Gen X is often referred to as the forgotten generation, sandwiched between the large and culturally powerful Boomers and Millennials."

 

[MarathonMike]

What log have you been hiding under. That's been well known about Gen X since the 1980s.

Now I live under a log? Wow. Nice.

 

[crossbody]

Now I live under a log? Wow. Nice.

It's a poetic play on words.

 

[crossbody]

Will it be enough for Gen X to retire?​

Gen X’ers who have consistently saved in their 401(k) plan may have a decent nest egg by the time they retire, but there are few of them, said the nonprofit National Institute on Retirement Security (NIRS) research group.

Dan Doonan, NIRS executive director, said in a statement “this really isn’t surprising given the terrible retirement hand that has been dealt to the latchkey generation. Most Gen Xers don’t have a pension plan, they’ve lived through multiple economic crises, wages aren’t keeping up with inflation, and costs are rising. The American Dreamof retirement is going to be a nightmare for too many Gen Xers.”

 

[BasicHumanUnit]

NO. HELL NO.

 

[crossbody]

1. All eyes on now on Gen X because it is the first generation to have the pensions removed- no pension plans for them.

2. Also the latch key babies who got home from elementary and both parents were at work, and they had to unlock the front door themselves.

3. First retiring generation to get full use of the Roth IRAs

 

[1srelluc]

But that balance is in FJB bucks.

 

[MarathonMike]

Uh oh, perhaps things are not so rosy for the oh so wonderful Gen-X ers. Probably us evil Baby Boomers fault.

Gen X has the largest wealth gap of any generation: ‘Retirement is going to be a nightmare’

The more than 65 million Americans in Generation X — ages 43 to 58 — have the largest wealth gap of any generation, according to new research. According to asset management company Schr…

nypost.com

 

[Harpy Eagle]

Gen X finally tops Boomer 401(k) balances, but will it be enough to retire?​

Updated Sun, Jun 23, 2024, 12:04 PM CDT

For the first time ever, Gen X workers saw their 401(k) balances top those of Baby Boomers, Fidelity data showed.

Balances for Gen X workers who’ve been saving for 15 years averaged $543,400, $200 more than Boomers’, according to the financial service firm’s analysis of its more than 22 million accounts in the first three months of the year. Gen X, born between 1965 and 1980, is the next generation to retire behind the Boomers born between 1946 and 1964 retiring now.

Gen X is often referred to as the forgotten generation, sandwiched between the large and culturally powerful Boomers and Millennials. It’s also the first generation to start working as 401(k)s replaced pension plans. Surveys have shown many of them don’t have nearly enough for retirement, but Fidelity’s report shows some green shoots.

Gen X finally tops Boomer 401(k) balances, but will it be enough to retire?

For the first time, Gen X's 401(k) balances top those of Boomers, Fidelity says. Is it enough to get the forgotten generation back on track to retire?

finance.yahoo.com

I was born in the last boomer year, but always felt I was closer in thought with Gen X.

What’s driving the trend?​

Two things, Shamrell said.

Boomers are retiring so they’re not contributing to their nest egg and, instead, drawing down their 401(k) savings, as they should.

Simultaneously, Gen X is approaching retirement, so they’re more aggressively saving as much as they can. Amen to that part.

This was my first thought when I saw this article.

 

[crossbody]

I was born in the last boomer year, but always felt I was closer in thought with Gen X.



This was my first thought when I saw this article.

I plan to retire in either 2029 or 2030 - next 5-6 years. It's 65 million of us in America and Gen X is going to bust a whole wide one on the social security fund.

Gen X came up under Dave Ramsey's teachings about
baby steps
emergency fund
Roth IRA
stay away from annuities and single stocks
when buying a home do the 100% down pymt - cash it out up front
never lease vehicles, buy a used one and trade up for the better one
Set up your retirement first... your kids can fend for themselves for college with grants- put your money into retirement for you "FIRST" your young adult children are not going to take care of any elderly parents.

love his books

 

[Harpy Eagle]

I plan to retire in either 2029 or 2030 - next 5-6 years. It's 65 million of us in America and Gen X is going to bust a whole wide one on the social security fund.

Gen X came up under Dave Ramsey's teachings about
baby steps
emergency fund
Roth IRA
stay away from annuities and single stocks
when buying a home do the 100% down pymt - cash it out up front
never lease vehicles, buy a used one and trade up for the better one
Set up your retirement first... your kids can fend for themselves for college with grants- put your money into retirement for you "FIRST" your young adult children are not going to take care of any elderly parents.

love his books

We plan to retire in 2029. I will be 65 and my wife 62. I will wait till 67, or maybe 70, to take my SS, my wife will take hers right away.

We were late getting started saving for retirement. Outside of my Marine Corps pension we did not have a dollar saved for it 12 years ago. When we retire we will be pushing 750,000 in our 401k/IRA. Add to that two pensions and SS and we will have a good life.

Oh, and we plan to relocate to Panama and live the ex-pat life.