Gen X and retirement: It's not too late to get on track

Gen X and retirement: It's not too late to get on track
Do you combine your finances or keep separate accounts? (Source: File Photo)

(WWBT) - Sorry Gen-Xers, you're getting older! And a new study shows this generation isn't in great shape when it comes to money.

If you were born between 1965 and the late 1970s, you're part of Generation X.

While this generation is known for some great cultural accomplishments, a new study finds it needs some work in terms of finances.

The study is from TD Ameritrade. It finds nearly four out of every 10 Gen Xers says they'd like to "fully retire" someday, but know they won't be able to afford it.

That's because 43 percent of Gen Xers are behind in savings, and nearly 20 percent aren't saving or investing at all.

In fact, just a third of Gen Xers surveyed, said they expect to be "very secure" in retirement.

That's compared to nearly half of Baby Boomers.

So what's at play here?

Gen X had to contend with the Great Recession, rising college costs and student loan debt, and the phasing out of pensions, which means employees funding their own 401(k)s or IRAs.

But you can get back on track, even in your late 30s or 40s if you're focused and have the right plan.

This is where a qualified, certified financial planner can help you map out a plan for saving and investing, to help you reach those long-term goals.

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