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And that often involves the way theymanage money.
Unfortunately for Gen X, saving for retirement has been a struggle.
Gen Xers, like baby boomers, are part of the sandwich generation, she explained.
They have difficulty saving largely because they are sandwiched between caring for children and aging parents simultaneously.
Ben Klesinger, founder and CEO atReliant Insurance Groupand Helping Hand Financial, shared a similar opinion.
I often work with Gen X clients who regret not starting to save for retirement sooner.
Many were paying off student loans, getting married, having kids life got expensive quickly.
By the time they looked up, years had passed, and they felt way behind in saving.
TheEducation Data Initiativereported that college tuition increased almost 37% between 2010 and 2023.
While important, these short-term goals squeeze out retirement contributions.
The key is balancing long and short-term financial needs with careful budgeting and making automatic contributions a habit immediately.
She added that few individuals in Gen X have apension plan outsideof state and federal employees.
Education was not provided in regard to intentional savings intoretirement and non-retirement accounts.
Aube noted that education, intentional goal setting and personalized financial advice is imperative to reach retirement goals.
Blain agreed that Gen Xers also often lack financial education and find retirement planning overwhelming.
They dont grasp compounding returns and true savings needs.
Starting late, they must save far more to catch up.
I find many feel confused by retirement planning and dont fully grasp what theyll need to save.
He said a good advisor can create a custom plan to get them on track based on their priorities.
The key is just to start, he said.
Start saving anything, as much as possible, as early as possible.
For Gen X, retirement saving must become habitual by any means necessary.
Whether setting up automatic transfers, cutting out lattes or taking a side gig, consistent action is key.
Small amounts, he observed, add up significantly over time through compounding.
The sooner Gen Xers start, the less they need to save to reach goals.
But they must start now.
No amount of regret will make up for lost time.
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