New research about Gen X Retirement from Get Britain Pension Ready has delivered a stark warning: only 28% of Generation X is on track to meet their retirement savings goals.

For a generation now edging closer to retirement, that’s a worrying statistic. Many are concerned about running out of money, struggling with the cost of living, or even never being able to retire at all. But while the situation is serious, there are still steps Gen X can take to improve their financial outlook.

Why Is Gen X Struggling with Retirement Savings?

Generation X – born between 1965 and 1981, and now aged 45 to 60 – has found itself caught between two pension systems, with neither working entirely in their favour.

• Baby boomers enjoyed generous final salary pensions (also known as defined benefit pensions), which guaranteed a stable income in retirement.
• Millennials and Gen Z have benefitted from automatic enrolment into workplace pensions since the 2010s, helping them build up savings gradually.
• Gen X, however, has been left in a pension gap.

The Gaps in Gen X’s Pension Security

• Many started with final salary pensions, only to lose access – 65% of Gen X no longer have access to these schemes, despite 45% having them at the start of their careers.
• Automatic enrolment came too late – 30% say that by the time automatic workplace pensions arrived, it was too late in their career to benefit from long-term investment growth.
• The cost of living is a major concern – 66% of those worried about retirement say their savings simply won’t be enough to cover their expenses.
• Uncertainty over the state pension – 59% fear that by the time they retire, the state pension may not be available or sufficient.

As a result, 17% of Gen X say they are worried they will never be able to retire.

Is It Too Late for Gen X to Fix Their Retirement Plans?

Not at all. While Gen X has had a tough deal when it comes to pensions, there are still practical steps they can take to boost their savings, protect their future, and improve their financial security.

1. Increase Pension Contributions Where Possible

Even if retirement is only a decade or two away, boosting pension contributions now can have a major impact.

• Check employer contributions – Many workplaces match pension contributions up to a certain level. If you’re not maxing this out, you’re missing out on free money.
• Consider additional contributions – Even small increases now can make a big difference over time, thanks to compound growth.
• Check tax benefits – Pension contributions benefit from tax relief, meaning the government effectively tops up what you save.

2. Look Beyond Pensions – What Other Assets Do You Have?

Many Gen Xers have built up wealth in other ways, such as:

• Property – If you own your home, downsizing in retirement could free up capital.
• Savings and ISAs – Make sure you’re using tax-efficient savings and investments.
• Investments – Stocks, shares, and other assets can supplement pension income in later life.

3. Consider Delaying Retirement or Working Part-Time

• Working even a few extra years can make a huge difference. It allows for more pension contributions and fewer years of withdrawals, stretching your savings further.
• Part-time or flexible work could provide additional income while easing into retirement.

4. Review Your State Pension Entitlement

While there’s uncertainty over the future of the state pension, it remains an important part of retirement income.

• Check your National Insurance record – You usually need 35 years of contributions to qualify for the full state pension.
• Top up gaps if needed – If you have gaps in your record, you may be able to buy additional years to boost your future pension.

5. Get Professional Financial Advice

If you’re feeling overwhelmed by pension planning, you’re not alone. Many people don’t know where to start, but help is available.

• A financial adviser can help you create a plan, ensuring you make the best use of your savings, investments, and pension options.
• Pension providers offer free guidance, and the government-backed MoneyHelper service can provide support.

It’s Never Too Late to Take Action

Retirement planning might feel overwhelming, especially if you feel behind on your savings. But there are still plenty of steps Gen X can take to improve their financial future.

By increasing contributions, using all available assets, working flexibly, and seeking advice, Gen X can take control of their retirement plans – ensuring they have the financial security they need for later life.