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A new report suggests that members of Generation X are facing a “nightmare” savings picture as they grow closer to retirement age.

The report, “The Forgotten Generation: Generation X Approaches Retirement,” from the National Institute on Retirement Security focuses on individuals born between 1965 and 1980, noting that those in Gen X represent the first generation to enter the labor market following a broad shift from defined benefit pension plans to defined contribution accounts. As of December 2020, Gen X represented about 64 million Americans, almost 20% of the population, according to the report. Among the report’s key findings was that the median retirement savings for a Gen X household is just $40,000.

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