Reality Bites: Gen X in DC is Nearing Retirement & More than Half Don’t Believe They’ll be Financially Ready

Office Space: More than four in 10 (44%) of Gen X’ers in the city expect to work in retirement

Risky Business: More than half of Washington, D.C. Gen X’ers (53%) say they’ve placed too much emphasis on building wealth without dedicating enough to protecting their assets

Dazed & Confused: Gen X’ers have low confidence in dealing with market volatility, inflation, taxes and health care costs

Before Sunrise: 38% of Gen X’ers in Washington, D.C. say uncertainty about finances keeps them up at night at least once a month

Stand By Me: Just 36% of Gen X’ers locally work with an advisor

WASHINGTON, D.C., September 9, 2025 – The oldest members of Generation X turn 60 in 2025 and many in the “middle child” generation find themselves hurtling closer to their retirement years with deep uncertainties about the state of their finances.

The latest findings from Northwestern Mutual’s 2025 Planning & Progress Study reveal that Gen X’ers in Washington, D.C. think they’ll need $1.88 million to retire comfortably – $620,000 more than the “magic number” national average.

Reality Bites: Gen X’ers think outliving their savings is significantly more likely than being able to leave an inheritance

More than half (57%) of Gen X’ers in Washington, D.C. think it’s likely they’ll outlive their savings, according to the research. It’s not surprising, therefore, that Gen X’ers express concern about being able to afford retirement. In Washington, D.C., Gen X is particularly concerned about having long-term care protection in place and paying off their mortgage, compared to their peers nationally.

Dazed & Confused: Gen X’ers not very sure of themselves as financial planners

The research finds that Washington, D.C. Gen X’ers are not all that confident on a range of issues in their financial lives, including how inflation and taxes could impact retirement, strategies to address health care and long-term care needs, and more. In most instances, Washington, D.C. residents’ feedback mirrors the national average.

Risky Business: Gen X’ers are prone to a common blind spot

More than half (53%) of Gen X’ers in Washington, D.C. say they’ve had a financial blind spot when it comes to managing their finances – they feel they’ve placed too much emphasis on building wealth without dedicating enough to protecting their assets. This is slightly more than the national average of 50%.

Office Space: Planning to continue working

More than 4 in 10 (44%) of Washington, D.C.’s Gen X who were surveyed are planning to continue working during their retirement years, or already are, lower than the national average (48%).

Before Sunrise: Financial uncertainty is keeping Gen X’ers up at night

Nearly 4 in 10 (38%) Gen X’ers say uncertainty about finances keeps them up at night at least once a month. This is higher than the national average (35%).

One thing weighing on the minds of roughly half of Gen X’ers is whether Social Security will be there for them when they qualify for it. That question is neck-and-neck with, “How much will I need to retire comfortably?” among the most important retirement issues for Gen X’ers.

All that said, Gen X feels fairly confident about many of the key components of their personal and professional lives.

Stand By Me: Just more than a third of Washington, D.C. Gen X’ers get professional financial advice

The survey finds that 36% of Gen X’ers in Washington, D.C. currently work with an advisor, slightly more than their peers across America (33%).

For more information about the study, visit https://news.northwesternmutual.com/planning-and-progress-study-2025.

About the 2025 Northwestern Mutual Planning & Progress Study

The 2025 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,626 U.S. adults aged 18 or older. The survey was conducted online between January 2 and January 19, 2025. Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income, and propensity to be online to bring them in line with their actual proportions in the population. A complete survey methodology is available.

About Northwestern Mutual

Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With nearly $700 billion of total assetsi being managed across the company’s institutional portfolio as well as retail investment client portfolios, more than $38 billion in revenues, and $2.4 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 109 on the 2025 FORTUNE 500 and was recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2025.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.

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[1] Includes investments and separate account assets of Northwestern Mutual as well as retail investment client assets held or managed by Northwestern Mutual.