Many Members Of The Generation

Generation Xers don’t have large savings, according to a new report from the National Institute on Retirement Security (NIRS).

The report found that the “forgotten generation” faces a “bleak” future in retirement. The typical household of the generation

“The generation “Many members of the generation

According to the report, just over half of Gen Xers have employer-funded retirement plans. Most members — regardless of race, gender, or income — are also not meeting their retirement savings goals.

Researchers blame a rise in college debt and bad luck in the general economy for the failure. They also point to the rapid decline in retirement plans, putting the burden of retirement planning more on the retiree than the employer.

About 18 percent of Generation Xers have no retirement plans, the report says.

The NIRS advocates additional structured retirement plans to offset the decline in pensions over time.

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“Savings take time to accumulate, and Social Security alone will not provide enough retirement income,” NIRS Research Director Tyler Bond said in a statement. “It is therefore crucial that we change course quickly. The status quo means we are among many members of the generation

Gen X isn’t the only generation who might have trouble in retirement. US census data showed that nearly half of baby boomers and more than half of all workers have no retirement savings.

An opinion poll released in May also found that fewer than half of Americans expect to have a comfortable retirement, a decline from previous levels.