Gen X is the “forgotten generation” — and the least prepared for retirement in the Peak 65 era.
This report examines the growing retirement crisis facing Generation X as they approach retirement during the “Peak 65” era. It argues that Gen X is uniquely vulnerable due to a combination of economic, structural, and behavioral challenges that have left them less prepared than previous generations.
Gen X’s core challenges:
- Low savings and confidence in retirement income planning
- Heavy reliance on Social Security facing shortfalls
- Decline of defined benefit pensions
- Limited financial literacy and underutilized planning tools
The report also highlights disparities within Gen X, especially for women, who typically have lower savings and longer life expectancies, increasing their financial risk. Overall confidence in retirement readiness is low, and many expect to delay retirement or continue working.
To address these challenges, the paper emphasizes the need for a shift toward income-focused retirement planning, including greater use of protected income solutions such as annuities, improved access to financial advice, and stronger employer and policy support. Without meaningful changes, Gen X risks entering retirement with insufficient and unstable lifetime income.