Most working adults feel behind when it comes to their retirement savings.
But when broken down by generation, Gen Xers are the least financially prepared generation for retirement by nearly every measure, according to a new research paper by Alliance’s Retirement Income Institute.
“While Baby Boomers dominate the headlines, Generation X faces an even greater retirement crisis,” the authors wrote.
The so-called sandwich generation is the most likely to be supporting both children and aging parents at the same time, the paper found. They’ve experienced eight recessions over their lifetimes and witnessed soaring education, health care and housing costs. Many must now contend with large mortgage and car payments, along with student loan debt, while also balancing greater family responsibilities.
“We’ve held the traditional family values of our parents, but it has maybe robbed us of starting to save for retirement earlier than we might have,” said Ryan Sheffer, a financial adviser at Advance Capital Management in Southfield, Michigan, which is ranked No. 72 on this year’s CNBC Financial Advisor 100 list.
