Northwestern Mutual’s 2025 Planning & Progress Study found that 54% of Gen don’t believe they’ll be financially ready when retirement arrives. The study also found that Gen Xers expect they’ll need $1.57 million to retire comfortably, which is a hefty $310,000 above the national “magic number” average. And their financial worries weigh heavily as 35% of Gen Xers say these concerns keep them up at night at least once a month, versus only 14% of baby boomers. Among those who have set aside money for retirement, the most common response (17%) was that they’ve saved about twice their current annual income. “Many Gen X’ers are juggling responsibilities on both ends, supporting aging parents while still helping their children,” said Jeff Sippel, chief strategy officer at Northwestern Mutual. “They’re also the first generation to truly feel the impact of the move from defined benefit plans to defined contribution plans. “All of this puts more of the burden of financial planning on their shoulders. That’s where a comprehensive financial plan custom-built by a trusted advisor can make a real impact. It can help Gen X’ers get clarity on what they need as they head toward their retirement years and put a realistic game plan in place to get there.” 56% of Gen Xers believe they will outlive their savings, compared with 40% of boomers, according to the research. The study also noted that Gen Xers are the least likely of any generation to expect to leave an inheritance. The study shows Gen X has less clarity than boomers on key financial issues, from the impacts of inflation and taxes on retirement to planning for health and long-term care. Half of Gen Xers say they’ve had a financial blind spot, focusing too much on building wealth without adequately protecting their assets, compared with 35% of boomers. 48% of Gen Xers expect to work during retirement, often out of necessity. One-third plan to work part time in a different job, while one-quarter expect to work full-time elsewhere. By comparison, less than one-third (30%) of boomers say they’ll work in retirement.