Reality Bites: Gen X is Nearing Retirement and More than Half Don't Believe They'll be Financially R

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 more than half (54%) of Gen X'ers – born between 1965 and 1980 – think they won't be financially prepared for retirement when the time comes.

The study also finds Gen X'ers think they'll need $1.57 million to retire comfortably – $310,000 more than the "magic number" national average. When Gen Xers who have saved something for retirement were asked how much they have saved as a multiple of their current annual income, the #1 answer (17%) was 2x.

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

More than half (56%) of Gen X'ers think it's likely they'll outlive their savings as compared to 40% of Boomers+, according to the research. It's not surprising, therefore, that Gen X'ers express the most concern about being able to afford retirement. They're also the least likely among all generations to say they expect to leave an inheritance.

Dazed & Confused: Gen X'ers are less sure of themselves as financial planners when compared to Boomers+

The research finds that Gen X'ers have significantly less clarity than Boomers+ on a range of issues in their financial lives, including how inflation and taxes could impact retirement, strategies to address healthcare and long-term care needs, and more.

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

Half (50%) of Gen X'ers 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. The numbers for Boomers+ who say the same are significantly lower – 35%.

Office Space: Planning to continue working

Nearly half (48%) of Gen X surveyed are planning to continue working during their retirement years, or already are. Less than one third (30%) of Boomers+ say the same.

Most Gen X'ers working or planning to work in retirement say they will continue to work out of necessity – to be in a position to afford retirement. A third (34%) say it will be part-time at a different job, and a quarter (24%) say it will be full-time at a different job.

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.