Generation X: The 401(k) Generation Generation X (born between 1965 and 1978) entered the workforce in the mid- to late-1980s just as 401(k)s were being implemented and defined benefit plans were beginning to disappear.
Unfortunately, Generation X has been more likely than other generations to take advantage of 401(k) features such as loans and early withdrawals, which when initially introduced were thought to incent plan participation, but are now also viewed as a double-edged sword which can be destructive of long-term growth of retirement nest eggs.
The total household retirement savings for Generation X is $70,000 (estimated median), an increase from $32,000 reported in 2007.
About the 15th Annual Transamerica Retirement Survey The survey was conducted online within the United States by Harris Poll on behalf of Transamerica Center for Retirement Studies between February 21 - March 17, 2014 among a nationally representative sample of 4,143 full-time and part-time workers, including 1,021 Millennials, 1,120 Generation X, 1,805 Baby Boomers, and 197 who were born prior to 1946.
Generation X understands that it's never too early, either," said Casey Sylla, president of Allstate Financial, a business unit of The Allstate Corporation.
Simply put, Generation X has lower expectations for retirement than Baby Boomers," she said.
On the other hand, the baby boomers and Generation X are carrying much higher amounts of debt -- about three times more -- than the Greatest Generation and Generation Y.
Each generation's largest debt contributor is first mortgage with Generation X (76.
The Greatest Generation has less than half debt of baby boomers and Generation X, but proportionally, their highest debt burden falls in the mortgage category at 66.