Thirty-seven percent of Gen Xers have postponed or are considering postponing retirement because of financial concerns, versus 19% of baby boomers.
Born from 1965 to 1980, Gen X is nearing retirement with less pension coverage, heavier reliance on 401(k)s, and pressure from housing, education and dual caregiving costs.
The strain could keep more older Americans working: nearly 20% of people 65 and older are employed, up from 11% in 1987, as the U.S. already faces an estimated $7 trillion retirement savings gap.
As the oldest Gen Xers enter the five years before and after retirement, advisers and insurers are pushing guaranteed-income products such as annuities, though 64% of surveyed Gen X respondents say annuities are the hardest product to understand.