If you’re a member of Generation X, chances are you may be feeling that “Reality Bites” when it comes to your retirement planning.
That is because many members of Gen X — who were born between 1965 and 1978 — face challenges that the baby boomers who came before them and the millennials after them do not.
A recent survey from the Transamerica Center for Retirement Studies found that Gen X Americans are more likely than baby boomers and millennials to indicate they "may never recover" or have "not yet begun to recover" from the Great Recession.
At the same time, they are juggling their careers and caring for their aging parents. And many of them are behind on their retirement savings.
A separate survey from money manager Personal Capital found that more than one-third of Gen Xers — 34 percent — have no retirement savings.
As the youngest Gen Xers turn 40 and with the oldest in their early 50s, there is still time to catch up. But they have to act now, according to Catherine Collinson, CEO and president of the Transamerica Institute and Transamerica Center for Retirement Studies.