The alarming number of Gen Xers whose 401(K) plan is to retire in their kids' spare rooms
Gen Xers are edging closer to retirement age and realizing that their 401(K) won't go the distance, an alarming report shows. A survey reveals that 55-year-old Americans have typically saved less than $50,000 for their pension — far below the $446,565 that's recommended at this stage. Nearly a quarter of them expect to be cash-strapped and plan to turn to their children for support. More than a fifth said they'd likely need to move in to their kids' spare room or basement as a 'silver squatter.
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