Planning for retirement can be daunting, but the golden years are starting to feel out of reach for those aged 46-61 years old, categorized as Gen X. According to PwC’s 2026 Employee Financial Wellness Survey‡, nearly 50% of Gen X employees plan to delay retirement because they haven’t saved enough, with 62% not confident they’ll be able to retire when they want to.

Many Gen Xers find themselves caught in the “sandwich generation,” financially and emotionally caring for children and aging parents at the same time. However, this juggling act doesn’t have to impact Gen X’s ability to retire with their unique financial goals intact.

The below outlines ways Gen Xers can prepare for retirement and make their 60s an era to look forward to, not one to hide from.

Don’t panic, plan

If you’re feeling behind on your retirement goals, there are four levers you can pull to help grow both your funds and your confidence while bolstering your financial plan.

  1. Increase your savings
    • Every dollar counts, no matter how small your contributions are. Continue contributing to your 401(k) and high-yield savings accounts (HYSAs) even if you are discouraged about the amount of growth you’re seeing.
    • If you’re looking for additional ways to save, you may need to consider some larger life choices, like downsizing to a smaller home or moving to one vehicle for your household for a time.
  2. Earn more money
    • Find creative ways to increase your current take home pay by looking at side jobs. For example, if you have a passion for pottery, consider setting up an online business to sell your creations and earn extra cash.
    • If you have free time in the evening or on the weekends, consider picking up a second job at a retailer or local shop.
    • If downsizing is in your future, this is a great time to assess your possessions to see if anything can be sold for additional income.
    • Passive income is another option to help boost your savings. For Gen X, a strategy to think about is investing in dividend-focused funds or stocks, which might pay out quarterly or annually.
  3. Live on less
    • Set aside time to review your current expenses and cut out non-essential costs, like cancelling monthly subscriptions you never use or cutting back on food delivery and restaurants. While it’s never fun to chop costs that bring joy, sometimes it’s necessary to help make sure your budget is set up to maximize savings ahead of your retirement.
    • Reevaluate your “fixed” expenses, like insurance costs, mortgage payments, debt payments, child-related expenses and more. Connect with your financial professionals to evaluate cost reduction options for debt payments and mortgage refinancing. You can also research insurance providers to see if you’re receiving the best rate available. This may take more time and fine print reading than cutting discretionary costs, but the savings can be worth it.
  4. Delay the day
    • Finally, if you’ve completed the steps above and are still worried about your retirement reality, if it may be time to consider pushing back your official retirement day. This can give your assets more time to grow to a level where you are comfortable retiring.

Know your age-based milestones

As you age closer to your retirement years, keep in mind the unique opportunities and restrictions that different ages offer:

  • 55 years old: If you retire at 55 years old, you may be able to access your employer’s retirement plan without penalties. However, income taxes will still apply.
  • Under 59½ years old: You can avoid early withdrawal penalties by exploring a 72(t) distribution, also known as a Substantially Equal Periodic Payments (SEPP), which takes into account your calculated life expectancy and requires you to take a series of substantially equal periodic payments under strict Internal Revenue Service (IRS) rules. If you go down this path, you must be extremely careful and follow the rules closely. Outside of this opportunity, early withdrawals in general should be avoided due to tax, penalties and stalled growth.
  • 62 years old: The earliest you can receive Social Security benefits is at 62 years old. However, benefits will be significantly reduced as full retirement benefits won’t kick in until five years later. Also, it’s imperative to remember that Medicare doesn’t officially kick in until age 65, so retiring early may mean paying for healthcare costs entirely out of pocket. This is why many individuals now plan their retirement date around when they can afford healthcare expenses or qualify for Medicare.
  • 65-67 years old: Typically, 65 years old is the earliest most choose to retire since Medicare has kicked in at this point, but if you can wait to retire at 67 years old, you’ll receive your full Social Security benefits.
  • 70 years old: If you find yourself in good health and still loving your 9-5, maxing out your Social Security benefits at 70 years old could be a highly valuable option.

Avoid an “all-or-nothing” retirement mindset

Retirement doesn’t have to be an “all-or-nothing” endeavor that requires you to stop working and remove a source of income completely. You can leave your day job and still generate part-time income through a side hustle or other emerging opportunities with social media, e-commerce and artificial intelligence (AI). It’s also important to remember retirement isn’t solely about a large amount of money in your bank account. It’s about finding a level of comfort and security that feels good to you and having new experiences in this phase of life.

Take time to review the recommended “retirement numbers” and cut out budgeted expenses that don’t fit your needs or interests. For example, consider swapping expensive international travel plans for creative, affordable trips across the U.S. to minimize expenses while maximizing experiences.

Protect your financial future

As a member of the sandwich generation, it might feel like you have to sacrifice your financial stability to support your children and your parents. However, for their benefit and yours, you should always prioritize your financial security and well-being. If you are financially stable, it will benefit your family’s financial legacy for generations to come.

As you continue to navigate the nuances of being part of a generation that asks you to take care of two other generations, it’s important to remember that you’re never alone. Lean on a trusted financial ally to build and stick to a plan that incorporates your unique situation, such as being divorced or caring for a family member with special needs, and long-term goals.

You deserve to enter your retirement era with confidence and peace, so connect with the experts around you and take time to appreciate how far you’ve come.

Interested in learning more about Private Wealth Management? With UMB, you have support from financial advising and investment portfolio management to wealth-building strategies and retirement and legacy preservation plans.

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