Almost 75% of Gen Xers are worried about having enough for retirement - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
May 29, 2024 Newswires
Share
Share
Post
Email

Almost 75% of Gen Xers are worried about having enough for retirement

Messenger, The (Madisonville, KY)
63% of Americans are more worried about going broke before dying than they are about death, according to a study by Allianz Life Insurance Company of North America. That's a 6% increase since 2022. High inflation contributes to these concerns, as do worries about the future of Social Security.

While most Americans worry about having enough money to last through their retirement years, Gen X is really concerned. In fact, 71% of Gen X respondents said they were more worried about this issue, compared to 64% of millennials and 53% of boomers. What can be done to alleviate these fears and to prepare upcoming generations for retirement?

Gen X Worries the Most

Gen X's concerns stem from their increased financial responsibilities. The youngest of Gen X may still have children at home, a mortgage, and car payments. Gen X, across the board, is likely to care for elderly parents, which adds to their financial concerns. They may also help their older kids with student loan payments or with other financial assistance.

According to Yahoo Finance, the average Gen X household only has about $40,000 in retirement savings. Elder Gen Xers — 50 and up — are close enough to retirement that they're jittery about being able to stockpile enough in savings to get them through their retirement years. The Allianz survey reports that 39% of Gen Xers are concerned about high inflation's effect on their ability to save more for retirement. About 24% of this age group is also worried about Social Security providing enough support, while 22% say high taxes cut into their incomes.

About 53% of boomers worry about running out of retirement money. Their concern level is probably lower since they were better at saving for their golden years. According to the Motley Fool, boomers 65 and over have an average savings of $200,000.

Retirement Expenses

Health care is one of the main concerns Americans have regarding their retirement. Medicare kicks in at age 65 and covers a lot of medical expenses. Still, nearly all recipients need supplemental insurance to cover what Medicare doesn't. Premiums for supplemental insurance can vary, depending on the level of coverage. It can help cover copays, deductibles, and other costs.

Many people over age 55 start considering long-term care insurance coverage. According to AARP, these premiums shouldn't be more than 7% of the insured's monthly income. It's a serious decision since about 49% of men and 64% of women who are 65 now will need long-term care in the future. Medicare does not cover long-term care.

If an elderly person needs long-term care but cannot afford it, they must qualify for institutional Medicaid. This program uses all of their Social Security income and any other pensions, like state retirement, to pay for the nursing home or long-term care facility. The resident receives a small monthly stipend for personal expenses — usually less than $100 — but this varies by state.

Long-term care insurance helps cover assisted living expenses or nursing home care. Institutional Medicaid only covers care in a nursing home. Assisted living is generally cheaper. It may cost $36,000 to $50,000 a year, depending on the facility. A nursing home averages $120,000 per year. Still, residents who have long-term care insurance continue to receive their Social Security and pension checks, which they can use as they wish.

Older Americans also have to pay part of their medication costs. Medicare Part D helps cover these expenses, but there's also a premium for that coverage.

Many retirees have their homes paid for, so they might not pay a mortgage every month, but they still have to cover expenses like utilities, phone bills, homeowner's insurance, property taxes, groceries, and other daily expenses. Assisted living covers most of these costs but comes with a price of its own.

Making Plans To Save

Although Americans are worried about how long their money will last, they may still feel uncertain about what actions they can take to increase their retirement savings. One step involves working with a financial advisor.

"Running out of money in retirement is a scary thought," says Kelly LaVigne, VP of Consumer Insights with Allianz Life. "That's why it is so important to have a thorough financial strategy for retirement. A financial professional can help you figure out what strategies will work for you and write it down. A written financial plan can help you ensure you are prepared with your finances so your money can last your lifetime and help ease the concerns you have that you will run out of money."

A financial plan includes several parts. An advisor may suggest clients reduce their spending to save more, invest, work longer, and retire later. Some steps, like spending less money, can be implemented immediately. There are numerous resources online to help people spend less and save more. These include creating a budget, trimming unnecessary expenses, and getting out of debt. Debt cripples many Americans' finances, so paying off debts as soon as possible frees up more money to go to a retirement account instead of to a credit card company.

Americans aren't opposed to talking with a financial advisor about their retirement situation. According to Allianz, 88% of those surveyed would be willing to talk to a professional about investing, Social Security, and products that provide lifetime income.

Older

American Airlines pilot’s anti-ESG lawsuit certified as class action

Newer

Customer Experience Chasm Grows between Highest- and Worst-Performing Health Plans, J.D. Power Finds

Advisor News

  • Fear of outliving money at a record high
  • Cognitive decline is a growing threat to financial security
  • Two lessons career changers wish they knew before starting the CFP journey
  • Americans less confident about retirement as worries grow
  • 6 in 10 Americans struggle with financial decisions
More Advisor News

Annuity News

  • CareScout Joins Ensight™ Intelligent Quote LTC & Life Marketplace
  • Axonic Insurance Annuities, Built for Banks, Broker-Dealers and RIAs, Now Available through WealthVest.
  • Allianz Life Adds New Accumulation-Focused Fixed Index Annuities
  • Allianz Life adds new accumulation-focused FIAs
  • Industry objects to ‘tone and tenor’ of draft NAIC Annuity Buyer’s Guide
More Annuity News

Health/Employee Benefits News

  • After health insurance subsidies end, 30,000 Idahoans will be uninsured, government report says
  • Sheridan School District will stop health insurance coverage for staff as teachers strike hits 3 weeks
  • Restrictions on obesity drug coverage force patients to pivot
  • Miami judge sides with cancer patient, orders insurer to cover pricey treatment
  • Findings from Johns Hopkins University Bloomberg School of Public Health Broadens Understanding of Health and Medicine (Prior Authorization and Associated Delays and Denials of Branded Medication Dispensation): Health and Medicine
More Health/Employee Benefits News

Life Insurance News

  • Agam Capital and 1823 Partners Announce Strategic Partnership to Provide Life Insurers with an End-to-End Value Chain Solution
  • AM Best Revises Outlooks to Positive for Western & Southern Financial Group, Inc. and Its Subsidiaries
  • Principal Financial Group Announces First Quarter 2026 Results
  • SBLI Enhances its OmniTrak Term to Deliver Faster Decisions, More Client Coverage, and Improved Pricing
  • Life insurance premium surges, but coverage is still falling short for many
More Life Insurance News

- Presented By -

Top Read Stories

More Top Read Stories >

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Protectors Vegas Arrives Nov 9th - 11th
1,000+ attendees. 150+ speakers. Join the largest event in life & annuities this November.

A FIA Cap That Stays Locked
CapLock™ from Oceanview locks the cap at issue for 5 or 7 years. No resets. Just clarity.

Aim higher with Ascend annuities
Fixed, fixed-indexed, registered index-linked and advisory annuities to help you go above and beyond

Unlock the Future of Index-Linked Solutions
Join industry leaders shaping next-gen index strategies, distribution, and innovation.

Leveraging Underwriting Innovations
See how Pacific Life’s approach to life insurance underwriting can give you a competitive edge.

Bring a Real FIA Case. Leave Ready to Close.
A practical working session for agents who want a clearer, repeatable sales process.

Press Releases

  • RFP #T01325
  • RFP #T01325
  • RFP #T01825
  • RFP #T01825
  • RFP #T01525
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet