Gen X grapples with retirement anxiety as savings lag

For many Gen Xers, retirement is fast approaching – but a surprising number feel caught off guard by this looming milestone, leaving them feeling uncertain about their future prospects.

According to a new survey from the Nationwide Retirement Institute, 61% of non-retired Gen Xers say they didn’t feel retirement was an urgent priority until age 50 or older. Additionally, one in four (26%) say they won’t reach that point until age 60.

The reason for the delay? Gen Xers said the cost of living and broader macroeconomic pressures are impacting their ability to save, with 89% saying rising living costs are making it harder to retire comfortably and more than half (56%) believing inflation will increase in the next year, up from 39% six months ago.  

As a result, many said they feel behind in their planning and are frantically working to catch up with their retirement savings. After realizing retirement was nearing, 40% of Gen Xers said they cut discretionary spending, 34% increased their contributions to retirement accounts and 23% sought out professional financial advice.

“For Gen Xers, the clock is ticking. Retirement is no longer a distant milestone, but an event that’s quickly approaching – and retirement planning can no longer wait,” said Suzanne Ricklin, vice president of Nationwide Retention and Sales. “Every year of delay means fewer options and greater risk you will miss out on a secure retirement. It’s encouraging to see some Gen Xers seeking out professional financial advice now, but for those who still haven’t done so, connecting with a financial advisor is a great way to pinpoint the right strategies to help you maximize the impact and efficiency of your retirement savings and close any gaps you may have in your plan.”

A financial advisor can help Gen Xers create a holistic financial plan that includes guaranteed income in retirement, Ricklin said. In fact, according to Nationwide’s survey, 32% of advisors are already increasing or introducing the use of annuities with Gen X clients – one of the only investment vehicles that can provide guaranteed income for life ensuring you will not outlive your savings needed to fund your retirement, she said.

Advisors are also putting an emphasis on staying in touch with Gen X clients as they get closer to retirement, with 43% saying they are having more frequent and flexible communication with these investors. That means you have a partner to help you design strategies to support your goals that can be leveraged throughout your retirement journey, Ricklin said.

“Gen Xers face unique challenges, caring for aging parents and adult children while saving for retirement amid ongoing economic volatility,” Ricklin said. “Partnering with a trusted financial professional can help you face these obstacles with a calm, strategic mindset, keep your plans on track and protect the dreams you’ve worked so hard to build.”

Need to connect with a financial professional? Nationwide has a team of specialists ready to listen and learn about your unique insurance and financial needs.

NFM-25220AO
12/2025