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Generation X is turning 60. The oldest members of that age cohort — born between the years 1965 and 1980 — will celebrate the birthday milestone next year.
However, it appears that a large percentage of Generation X is in no mood to party as their golden years approach.
Nearly half of Gen Xers despair about the future, with 48% saying it will take a “miracle” to retire securely, according to the latest annual Natixis Global Survey of Individual Investors that talked to 8,550 individual investors in 23 countries.
Some specific worries loom especially large in the minds of Gen Xers. Here are their top retirement fears.
5. Being forced to return to work after retiring
![Senior worker in retail at cash register saying "uh oh" or noticing a mistake](https://www.moneytalksnews.com/workers/images/width=730/wp-content/uploads/2023/10/23185102/shutterstock_2207437801-scaled.jpg?s=7020117542e02c3de7b4985a6719da668bb25da4268993903279800f0a820322)
Surveyed members of Generation X who cited this fear: 28%
After decades in the workforce, those who retire often cherish the thought of leaving the rat race behind forever. So, having to return to work purely out of necessity must feel like the ultimate defeat.
If you find yourself in this place, try to make the best of it. You can pick up tips about how to thrive as an older worker in “8 Things Companies Say Older Workers Should Do to Stay Employable.”
4. Never saving enough to retire
![Empty wallet](https://www.moneytalksnews.com/workers/images/width=730/wp-content/uploads/2018/02/15191055/shutterstock_243653509.jpg?s=d284d6b2da32db409a294e18f28fd27ef9012861a74fbbf80199d94fa489514e)
Surveyed members of Generation X who cited this fear: 31%
A typical Generation X household has less than $50,000 saved for retirement, as we reported in “As the Sun Sets on Gen X Careers, Dark Clouds Gather.”
That is nowhere near enough cash to finance a retirement — even a relatively short one. Gen Xers who need to save money fast will benefit from checking out our story “7 Ways to Catch up on Retirement Savings ASAP, According to Experts.”
3. Government benefits being cut
![senior man woman worried computer papers](https://www.moneytalksnews.com/workers/images/width=730/wp-content/uploads/2019/08/07221411/shutterstock_1207103650.jpg?s=4ce72e70d63d83099994865b0246f123e1387d636659912d870f4eebba00eb1a)
Surveyed members of Generation X who cited this fear: 37%
During retirement, two government programs loom large: Social Security and Medicare.
Millions of retirees count on these programs to keep their own individual retirement afloat. So, any talk of cutting these benefits is sure to be unsettling.
Even if Medicare remains intact in its present form, it would be a mistake to expect the program to eliminate your health care expenses. For more, read, “Medicare Will Not Cover These 10 Medical Costs.”
2. Inflation killing their retirement dreams
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Surveyed members of Generation X who cited this fear: 41%
Just a few years ago, inflation was like something out of an ancient myth, a monster that once destroyed the financial lives of retirees — and others — but that had been vanquished decades ago.
As we all know, the beast has been resurrected in recent years. As inflation first began to ramp up, Money Talks News founder Stacy Johnson offered some tips for fighting back. You will find them in the podcast “10 Sure-Fire Ways to Beat Inflation.”
1. Not having enough money to enjoy retirement
![Fearful middle-aged woman](https://www.moneytalksnews.com/workers/images/width=730/wp-content/uploads/2021/12/09153921/shutterstock_1524689438-scaled.jpg?s=e468f94b3adcfd783fe124c97807f5ebf9ec1a173d9c8229a0694b7135f8bbf5)
Surveyed members of Generation X who cited this fear: 48%
Perhaps you have saved diligently for retirement over the years and are confident you have enough money to fund your basic expenses throughout retirement. If so, good for you.
But that is only half the battle.
Sure, you have saved enough to cover your needs. But what about your wants? Like every other generation, members of Generation X want to live the retirement of their dreams. And more than any other worry, the fear of not having enough cash to truly enjoy retirement haunts them.
Of course, you don’t need a mint to have fun during your golden years, as we pointed out in “17 Cheap Things To Do in Retirement.”
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