10/6/2026
As millions of Americans retire each year, Generation X, those born between 1965 and 1980, faces retirement with a very different set of challenges than the generations before them. Fewer pensions, rising healthcare concerns, potential caregiving needs, and greater responsibility for managing retirement assets are reshaping how this generation prepares for life after work.
Jason Fichtner, Executive Director of the LIMRA Retirement Income Institute, recently sat down with Bryan Hodgens, Head of LIMRA Research, for an Industry Insights discussion about the changing landscape of retirement preparedness and what it means for consumers, advisors, and the industry.
Most retirees today had a retirement model built around the traditional three-legged stool of Social Security, defined benefit pensions, and personal savings. For previous generations, pensions and Social Security often provided a significant portion of retirement income, creating a level of guaranteed financial certainty that many workers could count on.
The future for Gen X looks very different. Most will depend on Social Security, defined contribution (DC) plans such as 401(k)s, and personal savings to fund retirement. Therefore, they have a bigger responsibility to convert acquired assets in their DC plans into sustainable income for retirement.
“We need to change that three-legged stool so that the defined contribution assets are now something we convert into protected income.”
Jason Fichtner, Executive Director, LIMRA Retirement Income Institute
LIMRA research found just 41% of Gen X consumers are confident their retirement savings will last versus 62% of Baby Boomers. At the same time, interest in guaranteed income solutions is rising, as consumers look for ways to create the paycheck-like certainty that previous generations often had with pensions.
Fichtner says that by emphasizing retirement income instead of just asset accumulation, consumers can better understand what financial security looks like in retirement. Financial experts can help clients determine income needs, assess resources, and develop plans that are intended to last throughout retirement.
“Income is the outcome now in retirement.”
Jason Fichtner, Executive Director, LIMRA Retirement Income Institute
With the fear of running out of money still a top retirement fear, healthcare costs are an even bigger concern for many Gen X consumers. Many have seen parents live longer and accumulate substantial healthcare and long-term care expenses, making these risks more real and personal.
Meanwhile, Gen X is often caught between supporting aging parents and adult children, earning it the label of the “sandwich generation.” These competing responsibilities may make it harder to save and plan for retirement while increasing financial uncertainty.
More employers are beginning to offer protected income options in defined contribution plans as changes to workplace retirement plans continue. The move could help future retirees get acquainted with guaranteed income strategies long before they retire.
Fichtner believes providing access to protected income through workplace plans can help normalize retirement income planning and make financial security more accessible to future generations.
Gen Xers are heading into retirement carrying more responsibility, more moving parts, and more risk than the retirees before them. The big shift ahead is helping people think beyond simply saving for retirement and start planning how those assets will generate reliable income, while also preparing for longer lives and rising healthcare costs. That’s what will make the biggest difference in how ready people feel for retirement.
To watch the full Industry Insights episode featuring Jason Fichtner, Executive Director of LIMRA Retirement, visit LIMRA’s LinkedIn page.
AVP, Director of Public Relations and Social Media
Work Phone: 860-298-3920
LIMRA Retirement Public Relations/Social Media Lead
Work Phone: (860) 285-7834
Marketing Specialist, Social Media & PR
Work Phone: 860-298-3941