The oldest members of Gen X turn 60 in 2025, and as they approach retirement, many are feeling uncertainty and regret about their financial choices. A recent Northwestern Mutual study found that half of this generation (50%) has one financial regret in particular — they believe they’ve placed too much emphasis on building wealth without dedicating enough effort to protecting their assets. That’s significantly greater than the 35% of boomers who feel this way.
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Here’s a closer look at why Gen X regrets not protecting their assets, what they can do about it and their overall state of retirement readiness.
While building wealth is important, it’s equally important to take measures to protect that wealth. Putting too much emphasis on the former instead of the latter is a common financial blind spot for Gen X.
“Many Gen Xers feel they’ve fallen behind in retirement savings and are focused on catching up, potentially leaving themselves open to financial risks,” said Dundee Gouin, financial advisor and managing director of the Northwestern Mutual Hyde Park office.
Gouin said that Gen X should take steps to be financially prepared for unexpected life events, such as a disability, the unforeseen loss of a spouse and other events that could be costly.
“It’s important to establish a comprehensive plan that not only grows wealth, but also safeguards what has been accumulated,” he said.
This generation should take the appropriate steps now to protect their assets, and seeking professional advice can help with this.
“A trusted advisor can assist in considering ‘what if’ scenarios and formulating strategies to address them,” Gouin said. “By finding answers to these questions, individuals can transition from financial anxiety to financial security.”
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Although this generation said they have been too focused on building wealth, they may be falling behind in that regard as well. According to the study, most Gen Xers have three times their income or less saved for retirement, with 14% having less than one time their income saved.
“For many people, it’s not enough to live comfortably,” Gouin said.
However, everyone’s individual needs are different, so Gouin recommended working with a financial professional to determine the ideal retirement savings goal for you.