As Americans live longer, retirement planning has become more critical than ever. Yet many Gen Xers \u2014 those born between 1965 and 1980 \u2014 worry their savings won\u2019t last the two to three decades they may need it to.<\/p>\n
A recent Nationwide Financial survey<\/a> found that 25% of Gen X investors believe their savings<\/a> will run out in 14 years or less, and more than 1 in 10 say their nest egg is already dwindling.<\/p>\n Here\u2019s why Gen X faces a retirement shortfall \u2014 and what steps they can take now to bridge the gap<\/a>.<\/p>\n For many Gen Xers, the problem isn\u2019t just the size of their savings \u2014 it\u2019s the lack of a plan for turning those savings into income.<\/p>\n \u201cMost retirement savers spend their working careers focused on building their retirement nest egg, often by putting money into their workplace 401(k) plan,\u201d said Suzanne Ricklin, vice president of retention and sales at Nationwide Financial. \u201cUnfortunately, many approach retirement without a plan for how they will decumulate those assets.\u201d<\/p>\n Without a clear income strategy, it\u2019s hard to know whether savings will cover essential expenses<\/a> like housing, healthcare, taxes and unexpected costs. That uncertainty is fueling anxiety as retirement draws closer.<\/p>\n Learn More: 64% of Americans Aren\u2019t Prepared For Retirement \u2014 and 48% Don\u2019t Care<\/a><\/p>\n Read Next: 5 Clever Ways Retirees Are Earning Up To $1K per Month From Home<\/a><\/p>\n Americans are living longer than ever. According to the U.S. Census Bureau, the number of Americans reaching age 100 will quadruple over the next 30 years.<\/p>\n \u201cThat doesn\u2019t necessarily mean that you will live that long, but chances of your retirement stretching into your 90s or beyond present a real risk that you should take into consideration when planning for retirement income<\/a>,\u201d Ricklin said.<\/p>\n Another survey from the Nationwide Retirement Institute found that most Americans are underestimating their chances of living to 100 \u2014 only 29% of respondents said they want to live that long.<\/p>\n \u201cThis blind spot creates the risk that they fail to plan for that possibility,\u201d Ricklin said. \u201cMany advisors recommend planning for at least a 30-year timeframe, assuming you retire at age 65.\u201d<\/p>\n