For two-fifths of Gen X, retiring securely will take a “miracle”

investmentnews.com:

A new survey by Natixis Investment Managers reveals a concerning outlook for North American Generation X as they approach retirement.

Nearly half (41 percent) of the respondents believe it would take a “miracle” for them to retire securely, with almost a quarter (22 percent) expecting that they won’t retire at all.

While Gen Xers aim to retire at age 60, eight years earlier than Baby Boomers who plan to retire at 68, their median retirement savings of $250,000 is far from sufficient to support a retirement that could overshoot their anticipated 20-year timeline. Despite a median household income of $150,000, many Gen Xers feel financially unprepared for retirement.

“Gen Xers are the Jan Brady of demographics. They’re sandwiched between Baby Boomers and Millennials, and they’ve been overlooked,” Dave Goodsell, executive director of Natixis Center for Investor Insights, said in a statement. “Now many find themselves caring for both aging parents and growing children while under pressure to fund their retirement.”

According to Natixis’ Gen X report, four-fifths (78 percent) believe retirement funding is increasingly their own responsibility, rather than relying on public or private pensions. With 76 percent concerned that ballooning public debt will squeeze retirement benefits, another 57 percent fear it will be difficult to make ends meet without these benefits.

Health care costs are another major concern, with 31 percent worried about going broke trying to cover these expenses in retirement. Consequently, 44 percent of respondents anticipate having to work longer, while 30 percent fear they may need to return to work post-retirement. Still, 27 percent are concerned they may not be able to work as long as they would like