How Gen X Learned to Start Worrying and Love Retirement Planning

"While many Gen X Americans are in the prime earning years, they are less likely to have a defined benefit plan than Boomers and more likely to be aware of risks associated with retirement and the challenges they face to save enough to achieve a secure retirement than younger consumers," Alison Salka, corporate vice president and director of LIMRA Retirement Research, said in a statement. "They also may be managing multiple financial demands like saving for a child's education or helping older parents. Meanwhile, Baby Boomers probably already have a realistic picture on their retirement outlook."

The study asked consumers to define retirement security. The top three descriptions chosen were "living comfortably" (24%), "having financial freedom" (23%) and "peace of mind" (16%).

It found almost three-quarters of consumers surveyed reported that they have taken at least one step toward a secure retirement. Contributing to an employer-sponsored retirement savings plan was the most common step among full-time workers. As expected, workers over 55 were more likely to have taken more steps, including calculating their retirement income, discussing planning with a professional and determining what their retirement expenses will be.

On a related front, New York Life reports that before the Great Recession took hold in 2008, Gen Xers reported a median shortfall between their life insurance coverage and their self-described financial needs of $362,688. Today, they are reporting a $448,996 gap, an increase of 24%, which the company says puts them in even greater danger of missing goals such as paying off mortgage or credit card debt, funding a college education or financing a secure retirement.

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Check out Young Millionaires More Optimistic Than Boomers on ThinkAdvisor.