{"id":4216,"date":"2023-08-31T20:48:14","date_gmt":"2023-08-31T20:48:14","guid":{"rendered":"https:\/\/prosfunds.com\/finance\/savings\/more-than-half-of-gen-xers-stopped-saving-for-retirement-heres-why-survey\/"},"modified":"2023-08-31T20:48:18","modified_gmt":"2023-08-31T20:48:18","slug":"more-than-half-of-gen-xers-stopped-saving-for-retirement-heres-why-survey","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=4216","title":{"rendered":"More than half of Gen Xers stopped saving for retirement, here’s why: Survey"},"content":{"rendered":"
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Amid record-high debt and stubborn inflation, Gen X has struggled to save for retirement, according to a survey by Clever Real Estate.\u00a0<\/p>\n

In fact, 64% of Gen Xers said they stopped saving for retirement because they couldn\u2019t afford to do so, Clever reported. About 35% of Gen Xers said they sacrificed or reduced retirement contributions to afford basic necessities and 26% said they did so to pay credit card bills.\u00a0<\/p>\n

As a whole, Americans amassed a record $17.05 trillion in debt in the first quarter of 2023. But 80% of Gen X reported carrying some form of debt such as credit card balances, student loans or auto loans. And 52% of those said they\u2019re carrying at least $10,000 in non-mortgage debt, according to the survey.\u00a0<\/p>\n

Paying off this debt may become increasingly difficult as the Federal Reserve has forecasted future interest rate hikes \u2013 after taking a pause in June \u2013 in order to bring inflation to its target 2% range.<\/p>\n

If you\u2019re concerned about high-interest debt, you could consider paying it down with a personal loan at a lower interest rate. Visit Credible to compare options from different lenders at once, without affecting your credit score.<\/p>\n

INFLATION AND INTEREST RATE HIKES ARE NEGATIVELY IMPACTING AMERICANS’ FINANCIAL WELL-BEING: SURVEY<\/strong>\u00a0<\/p>\n

Majority of Gen Xers have less than $100,000 saved for retirement<\/strong><\/h2>\n

As Americans face economic turmoil, Gen X has fallen behind on their retirement savings, according to Clever\u2019s survey.\u00a0<\/p>\n

“A majority of Gen Xers (56%) have less than $100,000 saved for retirement compared to the recommended $550,000 Americans need to retire comfortably,” Clever said in its report. In addition, 22% of Gen X said they have nothing saved for retirement.<\/p>\n

Financial experts generally recommend that people saving for retirement should have three times their household income by age 40, according to a post by Ally Bank.\u00a0<\/p>\n

Median weekly earnings of full-time workers were $1,100 in the first quarter of 2023, according to data by the Bureau of Labor Statistics (BLS). That translates to about $57,200 a year or $171,600 in three years.\u00a0<\/p>\n

“Most Americans in this generation were taught about the American Dream, but many may be realizing that the American Dream is more expensive than ever,” Clever said in its report.\u00a0<\/p>\n

If high-interest debt is getting in the way of your retirement savings, you could consider paying it down with a personal loan at a lower interest rate. Visit Credible to get your personalized rate in minutes.<\/p>\n

AMERICA’S RETIREMENT PREPAREDNESS SCORE DROPS: FIDELITY\u00a0<\/strong><\/p>\n

Best ways to save for retirement\u00a0<\/strong><\/h2>\n

Regardless of age, there are many ways workers can save for retirement. One approach is through an employer. About 69% of private industry workers have access to a workplace retirement plan such as a 401(k), according to the latest data by the BLS.\u00a0<\/p>\n

A 401(k) allows workers to make tax-deductible contributions to their savings plans. And earnings grow tax-free until participants make eligible withdrawals in retirement. Some employers offer matching contributions to their employees\u2019 retirement plans.\u00a0<\/p>\n

“The average employer 401(k) match is at an all-time high of 4.7%,” Clever said in its report. “This indicates that companies will contribute up to 4.7% of an employee’s income toward their retirement savings if the worker does the same. If Gen X takes advantage of employer matching, they could maximize their retirement savings.”<\/p>\n

Nonetheless, those without access to a 401(k) can open an individual retirement account (IRA) through a bank or financial institution. These offer many of the same benefits as 401(k)s.\u00a0<\/p>\n

Small-business owners and freelancers also may have access to options like a Solo 401(k), SEP IRA or SIMPLE IRA.<\/p>\n

If you want to make the most out of your retirement savings, you could consider paying off high-interest debt with a personal loan at a lower interest rate. Visit Credible to speak with a personal loan expert and get your questions answered.<\/p>\n

NEARLY HALF OF AMERICANS CASH OUT 401(K)S WHEN CHANGING JOBS<\/strong>\u00a0<\/p>\n

Have a finance-related question, but don’t know who to ask?<\/strong>\u00a0Email The Credible Money Expert at\u00a0<\/i>moneyexpert@credible.com<\/i>\u00a0and your question might be answered\u00a0by Credible\u00a0in our Money Expert column.<\/i><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Amid record-high debt and stubborn inflation, Gen X has struggled to save for retirement, according to a survey by Clever Real Estate.\u00a0 In fact, 64% of Gen Xers said they stopped saving for retirement because they couldn\u2019t afford to do so, Clever reported. About 35% of Gen Xers said they sacrificed or reduced retirement contributions […]<\/p>\n","protected":false},"author":1,"featured_media":4217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[29],"tags":[],"class_list":{"0":"post-4216","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-savings"},"yoast_head":"\nMore than half of Gen Xers stopped saving for retirement, here's why: Survey | Prosfunds<\/title>\n<meta name=\"description\" content=\"Amid record-high debt and stubborn inflation, Gen X has struggled to save for retirement, according to a survey by Clever Real Estate.\u00a0 In fact, 64% of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=4216\" \/>\n<meta property=\"og:locale\" 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