Many GenXers stopped saving for retirement because they couldn’t afford it, a Clever survey found. And about half have less than $100,000 saved for retirement. But there are many ways to save.
Regardless of age, there are many ways workers can save for retirement. One approach is through an employer. About 69% of private industry workers have access to a workplace retirement plan such as a 401, according to the latestA 401 allows workers to make tax-deductible contributions to their savings plans. And earnings grow tax-free until participants make eligible withdrawals in retirement. Some employers offer matching contributions to their employees’ retirement plans.
"The average employer 401 match is at an all-time high of 4.7%," Clever said in its report. "This indicates that companies will contribute up to 4.7% of an employee's income toward their retirement savings if the worker does the same. If Gen X takes advantage of employer matching, they could maximize their retirement savings."
Nonetheless, those without access to a 401 can open an individual retirement account through a bank or financial institution. These offer many of the same benefits as 401s. Small-business owners and freelancers also may have access to options like a Solo 401, SEP IRA or SIMPLE IRA. If you want to make the most out of your retirement savings, you could consider paying off high-interest debt with a personal loan at a lower interest rate.
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