<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - How much money do you need to retire? Here's when you should start saving."/><p class="gnt_ar_b_p">For the first time ever, Gen X workers saw their 401(k) balances top those of Baby Boomers, Fidelity data showed.</p><p class="gnt_ar_b_p">Balances for Gen X workers who’ve been saving for 15 years averaged $543,400, $200 more than Boomers’, according to the financial service <a target="_blank" href="https://www.fidelity.com/about-fidelity/Q1-2024-retirement-analysis" rel="noreferrer noopener" data-t-l=":b|z|k|${u}" class="gnt_ar_b_a">firm’s analysis</a> of its more than 22 million accounts in the first three months of the year. <a target="_blank" href="http://www.usatoday.com/story/news/2022/09/02/what-years-gen-x-millennials-baby-boomers-gen-z/10303085002/" rel="noreferrer noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">Gen X</a>, born between 1965 and 1980, is the next generation to retire behind the Boomers born between 1946 and 1946 retiring now.</p><p class="gnt_ar_b_p">Gen X is often referred to as the <a target="_blank" href="http://www.usatoday.com/story/travel/news/2022/01/11/new-gen-x-museum-exhibit-celebrate-forgotten-generation/9168457002/" rel="noreferrer noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">forgotten generation</a>, sandwiched between the large and culturally powerful <a target="_blank" href="http://www.usatoday.com/story/money/2023/11/14/millennials-baby-boomers-differences-university-cambridge-study/71574991007/" rel="noreferrer noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">Boomers and Millennials</a>. It’s also the first generation to start working as 401(k)s replaced pension plans. <a target="_blank" href="https://www.im.natixis.com/en-us/about/newsroom/press-releases/2024/reality-bites-as-generation-x-approaches-retirement" rel="noreferrer noopener" data-t-l=":b|z|k|${u}" class="gnt_ar_b_a">Surveys have shown</a> many of them <a target="_blank" href="https://www.transamericainstitute.org/research/publications/details/generation-x-workers-retirement-reality-bites-unless-answers-are-implemented" rel="noreferrer noopener" data-t-l=":b|z|k|${u}" class="gnt_ar_b_a">don’t have nearly enough for retirement</a>, but Fidelity’s report shows some green shoots.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">If the trend continues, that’s “a good thing all around,” said Mike Shamrell, Fidelity’s vice president of workplace thought leadership.</p><h2 class="gnt_ar_b_mt">What’s driving the trend?</h2><p class="gnt_ar_b_p">Two things, Shamrell said.</p><p class="gnt_ar_b_p"><strong>Protect your assets:</strong> <a target="_blank" rel="noopener" data-t-l=":body nav (hys)|e|auto spike click:7|${u}" class="gnt_ar_b_a" href="https://www.usatoday.com/money/blueprint/banking/savings/best-high-yield-savings-accounts/">Best high-yield savings accounts of 2023</a></p><ul class="gnt_ar_b_ul"><li class="gnt_ar_b_ul_li">Boomers are retiring so they’re not contributing to their nest egg and, instead, drawing down their 401(k) savings, as they should.</li><li class="gnt_ar_b_ul_li">Simultaneously, Gen X is approaching retirement, so they’re more aggressively saving as much as they can.</li></ul><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">In fact, Gen X on average saved more of their annual pay than even what Fidelity recommends. Fidelity suggests workers save 15% of their paycheck, including employer contributions,...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/2024/06/23/gen-x-retirement-savings-lag-optimism/74169470007/">Read more <span>➤</span></a> </div>
