From baby boomers to Gen X: America's retirement crisis by the numbers -USA Today
"Thousands of people retire every day, and many don't have the savings they need to last the rest of their lives. When that well runs dry, they'll need to lean on their family members to support them or seek government assistance to cover their basic living expenses. It's a fate thousands of Americans are already experiencing, and based on data from the latest Northwestern Mutual Planning & Progress survey, tens of thousands more are set to join them in the coming decades. Northwestern Mutual's 2019 study focused on baby boomers and Generation X - the two generations next in line for retirement - and the results showed both groups have work to do.
Of the 10,000 baby boomers turning 65 every day, 17% have less than $5,000 in retirement savings, and 20% have less than $5,000 in personal savings outside of a retirement account. These numbers are even higher for Generation X, with 21% having less than $5,000 in retirement savings and 22% having less than $5,000 in personal savings....Freeing up cash isn't always easy, but you must prioritize retirement savings, even if it means foregoing other more enjoyable things. Limit your discretionary purchases, cancel subscriptions you don't use, and consider downsizing your home to reduce your current expenses or consider moving to an area or state with a lower cost of living. The future looks bleak for many of America's retirees and older working adults. It may be too late for some of them to save enough for their dream retirement, but with some planning and a frugal mindset, you may still be able to achieve a secure retirement."