There’s this quiet generation — often stuck between the noise of Baby Boomers and the boldness of Millennials — that rarely gets the spotlight. But make no mistake, Gen X is in trouble. Big trouble. And no one seems to be talking about it.
Born roughly between 1965 and 1980, this group came of age during a whirlwind of economic changes. They entered adulthood just as the idea of lifetime jobs started disappearing, pensions were fading, and saving for retirement turned from a guaranteed benefit into a personal puzzle. Fast forward a few decades, and now they’re sandwiched between caring for aging parents and launching adult kids — all while still trying to figure out how to save for retirement before time runs out.
Let’s be honest. Many Gen Xers feel like the system quietly shifted under their feet. The gold-plated pensions their parents relied on? Mostly gone. Those were called defined benefit schemes — you know, the kind that gave you a monthly income in retirement no matter what. Gen X mostly got handed defined contribution plans instead, which are basically “you’re on your own, good luck with the stock market.”
And that’s not the only thing they’re juggling.
The pressure cooker of midlife finances
Think about what’s hitting Gen X right now:
- Sky-high utility bills
- Crippling education costs for their kids
- Rising mortgage payments thanks to interest hikes
- Elderly parents needing more care (and money)
It’s no wonder that so many of them feel like they’re drowning financially. According to research by Annuity Ready, only 28 percent of Gen Xers are on track to meet their retirement savings goals. That’s… honestly kind of terrifying.
And it’s not always because they didn’t try. A lot of them entered the job market just as those reliable pensions were vanishing. A report from the Financial Conduct Authority in 2024 found that only a third of workers aged 45–54 are in a defined benefit scheme. That’s a massive drop compared to older generations.
Craig Rickman, a retirement expert at Interactive Investor, described it like this: Gen X is being squeezed by a “perfect storm” of rising costs and shrinking safety nets. He’s not wrong.
Caught between two generations
There’s even a term for what’s happening now. They call it the “sandwich generation.” That’s when you’re still financially supporting your children — helping them with college tuition, their first car, or even their first home — while also assisting your aging parents with everyday expenses like groceries, medical bills, or long-term care.
And long-term care? It isn’t cheap. A spot in a residential home can set you back over £1,400 a week, and a nursing home averages around £1,500 weekly, according to Lottie, a care home comparison site.
Now picture trying to manage all that and still save for retirement.
That’s the reality for millions of Gen Xers. And while it sounds bleak — and to be honest, it kind of is — there are still ways to regain control.
It’s not too late to make a plan
Let’s start with a truth Gen X needs to hear: it’s not too late. Yes, time’s tighter. Yes, the numbers might look scary. But there’s still a path forward if you take it seriously now.
Claire Exley from Nutmeg, a digital wealth management firm, points out that defined contribution pensions — even though they don’t offer guarantees — come with more choice and flexibility. You can choose your investments, increase your contributions, or even consolidate your pensions to reduce fees. That freedom matters, especially if you’re getting serious about your future.
So where do you begin? A few practical moves can make a big difference:
1. Take a hard look at your retirement fund.
Figure out where you stand today. How much have you saved? What type of retirement accounts do you hold — is it mostly through work, or do you have private pensions too? Tools like MoneyHelper or PensionBee (both UK-based) can help you trace lost pensions or understand your projected income.
2. Maximize those contributions.
If you’ve been putting the minimum into your workplace scheme, now might be the time to step it up. Even increasing your pension contributions by just 2–3 percent can add up significantly over a decade.
3. Embrace retirement investments with intention.
It’s tempting to go conservative as you get closer to retirement, but some growth investments may still make sense — especially if you’re looking at a 20–30 year retirement. Diversification is key.
4. Make use of your tax wrappers.
Don’t forget about ISAs or other tax-efficient options. Combining retirement accounts with ISAs can give you flexibility and help shield some of your retirement fund from future tax grabs.
5. Get real about retirement options.
Not everyone retires at 65 anymore. Maybe your plan involves working part-time into your 70s or turning a hobby into income. That’s okay — retirement doesn’t have to be one-size-fits-all.
The mindset shift
Let’s be honest. Saving for retirement today isn’t just about money. It’s about mindset. For Gen X, this means shedding the guilt of being behind and focusing on what can still be done.
Financial planning often gets treated like this cold, numbers-driven task. But at its heart, it’s personal. It’s about where you want to live, who you want to spend time with, and what kind of life you want to lead. Whether that’s quiet mornings in a coastal town or volunteering in your local community — the numbers just help make that happen.
And no one’s saying it’ll be easy. Many Gen Xers are dealing with student loan debt, mortgage strain, and burnout from years of financial juggling. But clarity and planning can be empowering — even healing.
The hidden emotional toll
Let’s not skip this part. There’s an emotional price to all of it.
Being a middle-aged adult who’s trying to be everything to everyone — a good parent, a dutiful child, a responsible saver — it wears you down. And that pressure can make you want to look the other way instead of checking your retirement account.
But the cost of ignoring the problem is far higher. You don’t want to wake up at 67 realizing you’ll need to work another 10 years just to cover the basics.
So take a breath. Sit down with someone who knows what they’re doing — a financial advisor, even a trusted friend with experience — and map it out. You’ve still got time to build a retirement that gives you dignity, choice, and peace of mind.
Final thoughts
Gen X might not get the headlines. But their retirement crisis is real. And so is the opportunity to fix it — or at least soften the landing.
This isn’t about catching up with Baby Boomers or out-saving the Millennials. It’s about owning your future and giving yourself permission to invest in the life you want next.
It starts with one choice: to face the challenge, not avoid it.
Helpful Links:
Want help creating a retirement strategy that makes sense for where you are today? Talk to a qualified financial planner or explore digital tools that can help organize your pensions and investments.
