Nearly 1 in 5 Gen Xers don’t expect to ever fully retire

Nearly 1 in 5 members of Gen X don’t expect to ever fully retire.

“Gen X has spent much of its working life adapting to one economic challenge after another,” said Jasmine Escalera, a career expert at Zety. “Retirement is no longer a fixed milestone but something they have to continually rethink as economic conditions change. That reality is reshaping how this generation approaches work, savings and financial planning.”

Among dot-com crashes, the 2008 financial crisis and a global pandemic, Gen X has weathered a gauntlet of economic disruptions. A survey by the resume builder reveals a generation struggling to keep their heads above water during what should be their prime earning years. With a majority living paycheck to paycheck and feeling far less secure than they anticipated at this stage in their lives, the traditional finish line of retirement is slipping out of reach for many.

See also: Gen X is lagging on savings despite nearing retirement

Inflation may be the most recent challenge, but it comes after decades of setbacks that have steadily contributed to the Gen X retirement crisis. Rather than being able to recover from one disruption before the next one arrives, many have had to adjust to a continually changing economic reality.

More than half of Gen X workers have less confidence in retirement strategy

More than half say past economic downturns weakened their confidence in their retirement strategy, including 20% who completely lost confidence and made major changes to their plans. As a result, many are taking steps they hope will strengthen their reserves:

• 44% are reducing spending.
• 35% are paying down debt.
• 34% are increasing savings or contributions.
• 25% are earning additional income through a second job or side hustle.
• 18% are officially delaying retirement.
• 16% are adjusting their investment strategy.

The traditional retirement timeline no longer reflects the expectations of a significant portion of Gen X. Financial uncertainty continues to shape when—and for some, whether—leaving the workforce will be possible. Nearly 2 in 5 workers expect to push past the standard Gen X retirement age or never retire at all, while concerns about long-term financial preparedness weigh heavily. Fifteen percent plan to retire at age 59 or earlier; 16% between 60 and 64; 20% between ages 65 and 67; 19% at age 68 or older; and 19% don’t expect to ever fully retire.

“The findings point to a retirement outlook shaped by financial constraints rather than a fixed timeline,” the report concluded. “But the Gen X retirement crisis extends beyond retirement savings alone. Financial pressures are affecting how workers approach spending, additional income, debt and the timing of retirement itself. The cumulative effect is a generation that now finds itself working toward a future that looks very different from the one it once imagined.”

This article was originally published on BenefitsPRO, a sister site of HR Executive. For more content like this delivered to your inbox, sign up for BenefitsPRO newsletters here.

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