Retiring at 85

Every time we began getting traction we seemed to get hit with a recession.

The number of Generation Xers (ages 27 to 42) who are unprepared for retirement is dramatically on the rise, according to a new study commissioned by Scottrade. More than half (52 percent) of Gen Xers currently have saved less than $25,000 for retirement. This number marks a significant change from 2008, when 40 percent reported being below the $25,000 mark, indicating that this generation’s retirementsavings have suffered greatly due to the economy.

“Boomers get all the attention, but these surprising results show that Gen X has more financial heartburn right now than any other generation,” said Chris X. Moloney, Scottrade’s chief marketing officer and executive director of customer intelligence.

The survey revealed the likely causes: Almost two-thirds of Gen Xers (63 percent) saw the value of their retirement accounts decrease last year, and more Gen Xers (15 percent) had to withdraw funds from their retirement accounts than any other non-retired generation.