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Average Gen X-er Does Not Have Enough Saved for Retirement
Generation X are those born between 1965 and 1980, and that cohort is approaching retirement. Kaili Killpack’s piece here uses recent data from Fidelity, which found the financial outlook for the average Gen Xer is concerning. Fidelity reports the average retirement savings for Gen X as of Q2 in 2024 is only $182,100. This pales compared to what’s needed to retire securely. Upon reaching retirement age Fidelity suggests having at least 10x your salary in retirement savings. So, making $70k a year would mean having $700k in retirement accounts by the time you stop working. The remedy is to boost contributions to retirement accounts right away. Full piece here.