Most Gen X baby boomers expect to need at least as much in retirement as their current income.

Nearly 60% of workers born before 1980 and still working who responded to a recent survey said they expect they will need at least as much money in retirement as they earn each month now to be comfortable in retirement.

Northwestern Mutual’s new 2024 Planning and Progress Study, broken down by generation, found that 58% of Gen Xers born between 1965 and 1980 and 64% of Baby Boomers born between 1946 and 1964 are not yet retired, stated that after retirement they expect to need as much money each month as they currently earn.

More than half of Gen Xers (52%) and Baby Boomers (51%) surveyed who have not yet retired expressed doubt that they will be financially prepared for retirement, making them the least confident of any generation participating in the study.

The survey was conducted by Harris Poll on behalf of Northwestern Mutual between Jan. 3 and Jan. 17. The Harris Poll surveyed 4,588 American adults ages 18 and older.

“For the millions of Gen Xers soon to turn 60, the difference between retiring on time and comfortably, or working longer and lowering retirement expectations, will come down to financial planning,” said Camila Williams-Kemp, chief product officer at Northwestern Mutual. “It’s never too late to take action, but the longer people wait, the more difficult it becomes and the stakes rise.”

As the youngest baby boomers turn 60 by the end of the year, the specter of a potential need for long-term care looms. Baby boomer respondents ranked long-term care as one of their top three retirement concerns, more than any other generation.

In addition to asking how much money they will need to retire comfortably and worrying about long-term care needs, responding Baby Boomers also said they are concerned that their retirement savings will outlive their retirement savings.

“Without consideration of long-term care, people remain vulnerable to real and significant risk,” Williams-Kemp said. “On the other hand, pre-planning a long-term care event is the best way to ensure that someone’s wishes to age gracefully are respected and funded. Incorporating long-term care into a comprehensive financial plan is also the best way to ensure that the financial burden of a life event is not passed on to the next generation.”

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