Next Generation Trust Company Shares Statistics on Deficit in Retirement Savings and Planning Among Members of Gen X and Younger Generations

ROSELAND, NJ, April 18, 2025 /24-7PressRelease/ — As the stock market swings wildly and jobs in so many fields are being cut, saving enough for retirement is becoming ever more concerning for taxpayers of the Gen X cohort—people born between 1965 and 1980—and even younger generations. Now ages 45 to 60, Gen Xers especially are struggling to reach the financial security their parents attained as the retirement horizon approaches for older members.

For these taxpayers, saving adequately for retirement is competing against daily living expenses and other financial commitments such as saving for children’s education, supporting grown children and/or caring for aging parents. All these factors are cutting into Gen Xers’ ability to fund their IRAs and workplace retirement plans.

As noted in a recent blog article published by Next Generation Trust Company, only 14% of Gen X Americans feel they have saved enough money for retirement, believing they will need around $1.07 million to retire comfortably; however, this group expects to have only $602,944 saved. Their projected shortfall is higher than what millennials and baby boomers expect.

Further aggravating Gen Xers’ retirement angst:
• More than half (54%) are concerned about outliving their assets in retirement.
• Nearly half (48%) have not done any retirement planning.
• Forty-three percent plan to claim Social Security early due to concerns about its longevity/sustainability.

The article also cites results from the annual Transamerica Center for Retirement Studies survey (“Retirement in the USA: The Outlook of the Workforce”). Respondents said that members of their generation will have a harder time reaching financial security compared with the parents’ generation, and over 70% worry about the future of the Social Security Trust Fund. The Transamerica survey revealed that 20% of respondents expect to live to at least 100 years old.

“Buying and maintaining a home, raising a family, and caregiver responsibilities are all expensive stressors on members of Generation X and younger,” said Jaime Raskulinecz, CEO of Next Generation. “Add increased life expectancy, the costs of long-term care, and recent job market instability to those factors, and many people across generations are realizing they may not be saving enough for retirement.”

Raskulinecz, whose firm specializes in account administration and asset custody for self-directed IRAs, reminded readers that taxpayers 50 and older can make additional catch-up contributions to their retirement plans above the annual contribution limit, and that anyone who is still working (even older Gen X members) can open a new self-directed IRA and contribute to it to continue building retirement wealth.

“For anyone saving for retirement at any age, investing through a self-directed IRA provides many opportunities to include alternative assets—which are not correlated with market performance and are excellent for long-term growth strategies,” noted Raskulinecz. “Investors can include real estate, precious metals, private equity funding, commodities, unsecured and secured loans, and many more nontraditional investments in a self-directed plan with the potential for more lucrative growth over time.”

You can read the full blog article here. For more information about self-direction as a retirement wealth-building strategy or about Next Generation, visit https://www.NextGenerationTrust.com.

About Next Generation
Founded on the philosophy that every person should have control over their retirement plans, Next Generation educates consumers and professionals about self-directed retirement plans and nontraditional investments, a strategy at one time reserved only for the very wealthy. Next Generation Services provides comprehensive account administration and transaction support, and its sister company, Next Generation Trust Company, acts as custodian for all accounts. The neutral third-party professionals at Next Generation expertly guide clients and their trusted advisors as part of their white glove, personalized service for a seamless transaction experience from start to finish. For more information, visit www.NextGenerationTrust.com, or contact Next Generation at 888.857.8058 or NewAccounts@NextGenerationTrust.com.

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