Gen X has greater anxiety regarding affording leaving the workforce than baby boomers

When it comes to leaving the workforce, Gen Xers are a bit more nervous than generations before them. So found the Mather Institute in the first year of a five-year project that surveyed more than 2,500 Gen Xers and 2,500 boomers. Currently shouldering the caretaking weight of both younger and older relatives, our sandwich generation is spread about as thin as a layer of mayo on a hoagie. Add to the mix concerns about social security being drained by boomers and the waning offering of pensions, and Gen Xers are feeling bleak about their chances of retiring. 

“My generation is going to have a harder time than boomers. Boomers, they had pensions,” Don, age 50, tells Fortune’s Alicia Adamczyk. 

Gen Xers are more worried about their retirement finances than boomers (46% vs. 36%), according to Mather Institute. While boomers are plagued by the prospect of maintaining their post-retirement independence, Gen X is busy worrying about financial independence. Studies like the Schroders 2023 U.S. Retirement Survey found that over 60% of non-retired members of the generation feel insecurity in their ability to meet their retirement goals. That’s compared to 49% of millennials and 53% of boomers. 

Despite their dire retirement prospects, the picture isn’t just one of doom and gloom. In fact, most Xers (61%) have generally positive views on aging and generally high levels of contentment regarding their family, work, and well-being. That’s not to say that…