Financial Insecurity Looms for Gen X as Retirement Approaches

A Prudential Financial study reveals that Generation X, currently aged 44-59, is facing significant financial challenges as they approach retirement. This generation, caught between the decline of pension plans and uncertainties about Social Security’s future, is less financially secure than their predecessors.

Compared to older generations, a larger proportion of Gen Xers expect to need financial and housing support from their families in retirement, potentially becoming “silver squatters.”

Despite these concerns, many have not yet discussed their potential need for support with their families, highlighting a critical need for financial planning and open communication about retirement expectations.