The Biggest Financial Regret Gen X Faces as They Near Retirement
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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The oldest members of Gen X turn 60 in 2025, and as they approach retirement, many are feeling uncertainty and regret about their financial choices. A recent Northwestern Mutual study found that half of this generation (50%) has one financial regret in particular — they believe they’ve placed too much emphasis on building wealth without dedicating enough effort to protecting their assets. That’s significantly greater than the 35% of boomers who feel this way.
Here’s a closer look at why Gen X regrets not protecting their assets, what they can do about it and their overall state of retirement readiness.
Gen X’s Top Retirement Planning Mistake
While building wealth is important, it’s equally important to take measures to protect that wealth. Putting too much emphasis on the former instead of the latter is a common financial blind spot for Gen X.
“Many Gen Xers feel they’ve fallen behind in retirement savings and are focused on catching up, potentially leaving themselves open to financial risks,” said Dundee Gouin, financial advisor and managing director of the Northwestern Mutual Hyde Park office.
Gouin said that Gen X should take steps to be financially prepared for unexpected life events, such as a disability, the unforeseen loss of a spouse and other events that could be costly.
“It’s important to establish a comprehensive plan that not only grows wealth, but also safeguards what has been accumulated,” he said.
This generation should take the appropriate steps now to protect their assets, and seeking professional advice can help with this.
“A trusted advisor can assist in considering ‘what if’ scenarios and formulating strategies to address them,” Gouin said. “By finding answers to these questions, individuals can transition from financial anxiety to financial security.”
How Much Gen X Has Saved — And Why It’s Not Enough
Although this generation said they have been too focused on building wealth, they may be falling behind in that regard as well. According to the study, most Gen Xers have three times their income or less saved for retirement, with 14% having less than one time their income saved.
“For many people, it’s not enough to live comfortably,” Gouin said.
However, everyone’s individual needs are different, so Gouin recommended working with a financial professional to determine the ideal retirement savings goal for you.
“A trusted financial advisor can help people determine how much to save, how to reach those goals, how to protect their nest egg and more,” he said.
Why Gen X Is Anxious About Retirement
The study found that 56% of Gen X think it’s likely they’ll outlive their savings — compared to 40% of boomers — and 57% are worried about being able to afford retirement. Gouin noted that Gen X, in particular, has been dealing with unique financial hardships that could explain their anxious feelings about retirement.
“Gen X has spent more time in the ‘sandwich generation’ than any other generation,” Gouin said. “Their aging parents are living longer, leading to unexpected caregiving expenses that can escalate quickly. Their adult children face rising costs in housing, healthcare and education, prompting many to live with their parents longer.”
Adding to the burden of having to help pay for aging parents and adult children is the fact that Gen X has access to fewer financial safeguards than previous generations.
“Fewer Gen Xers have had access to pensions, which have supported many boomers in covering retirement costs,” Gouin said. “Gen X may be the first to experience the effects of changes in Social Security, as funds are predicted to be depleted by the mid-2030s.”
Although Gen X is dealing with a lot of anxiety and unknowns, it’s vital that they take action to create a secure retirement for themselves.
“It’s important for Gen X to act intentionally,” Gouin said, “creating a financial plan that’s comprehensive and custom-built to help them map out their financial future.”
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