Most Gen Xers Approaching Retirement Without a Plan or Advisor

Americans between the ages of 45 and 60 (Generation X) are staring down a significant retirement challenge, as just 16% believe they have saved enough money, according to the Schroders 2025 US Retirement Survey. On average, Gen Xers expect to retire with $711,771 saved – far short of the $1,116,747 they believe is necessary for a comfortable retirement. That’s a $404,976 savings gap, which is the largest among all generations surveyed.

The savings gap facing Baby Boomers (ages 61-80) totals $356,684, as non-retired members of this generation expect to have $603,367 saved upon leaving the workforce and believe they need $960,051 to retire comfortably. The shortfall for Millennials (ages 29-44) is the smallest, but still sizeable, as this generation expects to retire with $785,200 saved, which is $353,721 short of the $1,138,921 they think they’ll need.

“While many Baby Boomers have defined benefit pension plans that provide a set income for life, Gen Xers entered the workforce as pensions were being replaced by defined contribution plans and before key features like auto-enroll and auto-escalate became common,” said Deb Boyden, Head of US Defined Contribution, Schroders. “The oldest Gen Xers are roughly 10 years from full retirement age, and that provides a window for them to cut this savings gap and explore solutions that can improve their transition from asset accumulation to asset decumulation.”

GenXers are the least likely to have spent time estimating their expenses in retirement and determining how much income they will need to generate, as more than half (53%) report they have not done any retirement planning, compared to 49% of Millennials and 43% of Baby Boomers. Just 26% of Generation X report working with a financial advisor.

With the majority of the generation approaching retirement without a plan or advisor, it’s perhaps not surprising that 53% of Gen Xers are concerned about outliving their assets, and 61% are not confident they will be able to achieve their dream retirement.

“Approaching retirement without a plan or professional advice is a huge mistake,” added Boyden. “Given the number of unknown factors involved, retirement can seem impossible to plan for, but there’s no question that those who take the time to determine how much income they’ll need to cover their expenses, then create an investment strategy to meet these needs, will be far closer to achieving their dream retirement.”

Additional findings:

• Among those currently participating in a workplace retirement plan (e.g. 401k, 403b, or 457), nearly one-quarter of GenXers (24%) borrowed from the plan compared to 17% of Millennials and 21% of Baby Boomers.

• The top three reasons Gen X borrowed money from their plan were: paying for unforeseen family or personal emergencies (29%), bringing down credit card or other debt (23%), and keeping up with the increasing cost of living (18%).

For more information on the Schroders 2025 U.S. Retirement Survey, click here

About the Survey

The Schroders 2025 US Retirement Survey was conducted by 8 Acre Perspective among 1,500 US investors nationwide ages 29-79, including 602 currently participating in a workplace retirement plan, from March 25 to April 17 in 2025.

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