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Most working adults feel behind when it comes to their retirement savings<\/a>.<\/p>\n But when broken down by generation, Gen Xers are the least financially prepared generation for retirement by nearly every measure, according to a new research paper<\/a> by Alliance’s Retirement Income Institute.<\/p>\n “While Baby Boomers dominate the headlines, Generation X faces an even greater retirement crisis,” the authors wrote.<\/p>\n The so-called sandwich generation\u00a0is the most likely to be supporting both children and aging parents at the same time, the paper found.\u00a0They’ve experienced eight recessions over their lifetimes and witnessed soaring education<\/a>, health care<\/a> and housing<\/a> costs. Many must now contend with large mortgage and car payments, along with student loan debt, while also balancing greater family responsibilities.<\/p>\n “We’ve held the traditional family values of our parents, but it has maybe robbed us of starting to save for retirement earlier than we might have,” said Ryan Sheffer, a financial adviser at Advance Capital Management<\/a> in Southfield, Michigan, which is ranked No. 72 on this year’s CNBC Financial Advisor 100 <\/a>list.\u00a0<\/p>\n Rethinking the ‘three-legged stool’<\/p>\n “There are some macro challenges and, of course, the micro challenges,” said Jason Fichtner, the Retirement Income Institute’s executive director and co-author of the report.<\/p>\n Gen X is the age group \u2014 roughly defined as those born between 1965 and 1980 \u2014 heavily impacted by the shift from defined benefit to defined contribution pensions, as workplace pensions became less common. Only 14% of Gen X workers have a traditional pension compared with 56% of boomers, according to the Retirement Income Institute.<\/p>\n These days, a successful retirement strategy entails “rethinking the three-legged stool of retirement planning,” Fichtner said, which traditionally included employer pensions, Social Security and personal savings. “Now that pension plan is your 401(k) and that has to generate additional protective income,” he said.<\/p>\n More from CNBC’s Financial Advisor 100:<\/p>\n Here’s a look at more coverage of CNBC’s Financial Advisor 100 list of top financial advisory firms for 2025:<\/p>\n At the same time, Social Security is running low on funding<\/a>. The trust fund Social Security relies on to pay\u00a0retirement benefits<\/a>\u00a0may be depleted in 2033<\/a>,\u00a0according to this year’s\u00a0report<\/a>\u00a0by the Social Security Board of Trustees. At that point, 77% of those benefits will be payable,\u00a0the\u00a0trustees projected, unless Congress intervenes to shore up the program.<\/p>\n “I will be eligible for Social Security the year the trust fund is depleted,” said Fichtner, who is also a former deputy commissioner at the Social Security Administration appointed by President George W. Bush. “It becomes a personal issue as well.”<\/p>\n The risk of outliving your savings<\/p>\n Pixdeluxe | E+ | Getty Images<\/p>\n With fewer safety nets, Gen Xers are at a disadvantage, other reports also show.<\/p>\n As it stands, the typical Gen X household had just $40,000<\/a> in\u00a0retirement savings, according to a 2023 report by the National Institute on Retirement Security.<\/p>\n Overall, 69% of Gen X workers said they were behind on their retirement savings, including 47% who said they were “significantly behind” \u2014 more than any other generation, according to a separate retirement report by Bankrate<\/a> released last month.<\/p>\n “Looking across the generations and a variety of income levels, a key challenge for Americans and their retirement savings is to align their contributions with their realistic long-term needs,” Bankrate’s senior economic analyst, Mark Hamrick, said.\u00a0<\/p>\n Compared with 62% of boomers, only 41% of Gen Xers believe their savings will last for the duration of their retirement years, the Retirement Income Institute also found.<\/p>\n With less money set aside, having enough to last for the remainder of their lifetimes is a huge concern, Fichtner said. “Over half think they are going to run out.”<\/p>\n How to set a retirement savings goal<\/p>\n Most experts recommend consulting with a financial professional<\/a> to get on track. They can help you set a realistic goal and determine the steps you need to take to meet it.<\/p>\n “Don’t be afraid to pick up the phone,” Sheffer said. Reaching out to a financial advisor who can “diagnose, analyze and prescribe” is a good first step. \u00a0<\/p>\n “Get a plan in place and work to achieve it,” he said. “The sooner the better.”<\/p>\n Too often, emotional “paralysis” prevents people from facing their financial reality, said Suzanne Norman, a director at the Retirement Income Institute who also co-authored the report.<\/p>\n “If you don’t know where you are, how do you know how to get where you are going?” she said.<\/p>\n There are still many options for those concerned about their retirement security, she added, including potentially working longer or pursuing a second act<\/a>\u00a0in retirement.<\/p>\n