Gen X in Portland Nearing Retirement, Data Shows More than Half Don’t Believe They're Financially Ready

PORTLAND, Ore., 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 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.

“Many in the so-called ‘Sandwich Generation’ have struggled to save for retirement as they feel the strain of supporting aging parents while still helping their children,” said Kristie Hill, wealth management advisor with Caldera Wealth Advisors, part of Northwestern Mutual. “That’s where a comprehensive financial plan custom-built by a trusted advisor can make a real impact. It can help Gen X’ers get clarity on what they need as they head toward their retirement years and put a realistic game plan in place to get there.”

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.

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

More than a third (35%) of Gen X’ers say uncertainty about finances keeps them up at night at least once a month, while for Boomers+ it’s 14%.

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. And it clearly stands apart from how Millennials and Boomers+ are thinking about Social Security.

Additionally, the research shows that Gen X’ers trail Boomers+ across a range of health, wealth, and wellness issues.

Stand By Me: Fewer Gen X’ers get professional financial advice than Boomers+

Gen X’ers are less likely than Boomers+ to have sought professional help for their finances. The survey finds that 33% of Gen X’ers currently work with an advisor – 10 percentage points lower than the 43% of Boomers+ who do the same.

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

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.