Nearly Half of People in Their Peak Earning Years Worry About Retirement Constantly

For many Americans, retirement is a constant worry. According to BlackRock, 47% of Americans between the ages of 45 to 54 worry about their retirement savings at least once a day.  These financial moves will help to assuage some of those worries.

“It’s common for Gen Xers to feel squeezed between saving for retirement and living a meaningful life now. The good news is that they are achieving peak incomes,” said Preston Cherry, CFP and founder of Concurrent Wealth.

Here’s how Gen Xers can move into greater retirement savings and less worry.

Start Saving Early

When it comes to retirement savings, young investors have an advantage because the money they invest has the advantage of growing with compound interest over several decades. Assuming average stock market returns of 6% to 7%, every dollar you invest now can triple or quadruple by the time you retire.

People in their 40s and 50s have shorter time horizons, but investing 10 to 20 years out from retirement can still make a difference in their retirement savings.

Save Regularly

If you aren’t already doing so, automate your retirement savings strategy. Put aside money each paycheck or each month. These steady payments can help your retirement savings grow, and they can also help to calm some of the panic you may be feeling about retirement.

You should also establish an emergency fund. Put three to six months of living expenses in a high-yield savings account, and only reach for it in times of an emergency. This will reduce the temptation to tap your retirement funds for surprise expenses, which can potentially incur hefty penalties.

Take Advantage of Retirement Accounts

A 401(k) or similar tax-advantaged plan is a great way to build up your retirement savings, especially if it comes with a matching contribution from your employer. As a rule of thumb, investing 10% to 15% of each paycheck is a good goal.

In 2025, you can contribute as much as $23,500 in a 401(k). This amount goes up to $70,000 when your contributions are combined with your employer’s contributions. If you are in your 50s, you may invest in a catch-up contribution of $7,500 into your 401(k).

Individual retirement accounts—like a traditional IRA or a Roth IRA—are other great ways to save for retirement. Both have contribution limits of $7,000 for 2025. Those age 50 older can make a catch-up contribution of $1,000.

Align Your Financial Plan With Your Values

Cherry encourages Gen Xers to align their financial plans with their values, lifestyle needs, and long-term goals.

“This is what I call lifestyle-aligned wealth planning. It’s not just about how much you save, but how intentionally you save,” Cherry advises. “When you know your retirement rate—which is how much you need to fund [your retirement] annually—your retirement date, when you want to be work-optional, you’re no longer guessing. You’re designing your life with clarity and confidence.”

To get started, you’ll need to be honest with yourself about the state of your retirement savings and where you would like to be headed.

“The keys are being honest, giving yourself grace for where you are, being confident, and committing to where you want to go,” Cherry said.

The Bottom Line

For most people, the years between ages 45 and 54 are peak years for income, but many still worry about being able to afford retirement. The best way to beat these worries is through action.

Start saving regularly, and contribute as much as you can to tax-advantaged retirement plans, like 401(k)s and IRA accounts. Taking charge of your investments and savings is the best way to ease your concerns about retirement.