Gen X is lagging in retirement savings, but there are ways to catch up<\/p>\n
They saved quarters to play Pac-Man, but Generation X is lagging in retirement savings.<\/p>\n
A new study says more than half of Gen Xers, those born between 1965 and 1980, don\u2019t feel financially prepared to retire.<\/p>\n
Financial planner Bjorn Amundson at Quarry Hill Advisors in St. Paul recommends if you\u2019ve fallen financially behind, you can take advantage of retirement-plan catch-up contributions.<\/p>\n
\u201cOnce you hit age 50, you get to start putting an extra $8,000 a year into your 401(k),\u201d Amundson said. \u201cFor just three magical years between the ages of 60 and 63, instead of putting the normal $8,000 catch-up, you can do $11,250.\u201d<\/p>\n
The study by Transamerica Center for Retirement Studies showed 17% of Gen Xers have already dipped into their retirement savings by taking a hardship early withdrawal.<\/p>\n