Most Gen Xers Own 401(k) Plans, MetLife Finds

Many Gen Xers are on the right track to reach retirement, according to a study from the MetLife Mature Market Institute.

“The MetLife Study of Generation X: The MTV Generation Moves into Mid-Life” reports that two-thirds (66%) of the members of Generation X—born between 1965 and 1976—own 401(k) plans. And half (50%) are keeping up their retirement savings.

Although the study found that, on average, Gen X’ers own about four financial products, with those in higher income brackets more likely to own more, the majority are uncertain about their retirement prospects. Seventy percent are not confident that Social Security will be there to provide benefits when they retire. While most would like to retire at age 62, they expect they will have to continue working until at least age 67.

The nationally representative survey was conducted by GfK Custom Research North America on behalf of the MetLife Mature Market Institute between November 29 and December 19. A total of 1,000 interviews were completed by phone with respondents born between 1965 and 1976.