How much Gen X has saved for retirement [Video]

For Gen Xers in their 40s and 50s, retirement may be right around the corner.

However, many are worried they may not have enough saved up to support themselves when they get there, according to Allianz Life Insurance’s 2024 annual retirement study.

The median 401(k) account balance for Gen Xers, defined as people born between 1965 and 1980, is $54,500 as of the first quarter of 2024, according to data shared with CNBC Make It from Fidelity Investments, America’s largest 401(k) provider.

However, that’s a long way from the generation’s retirement savings goals. On average, Gen Xers believe they will need around $1.56 million to retire comfortably, according to Northwestern Mutual’s 2024 Planning and Progress study.

A few factors have prevented members of Gen X from setting aside more money for retirement.

For one, many began saving later than younger generations. On average, Gen Xers began saving for retirement at 36, compared to millennials and Gen Zers …