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Meet The 'Silver Squatters': Adults In Their Mid-50s Who Are Woefully Unprepared For Retirement
A large cohort of adults in their mid-50s is unprepared for retirement and may need to rely on family for housing and other needs later in life.
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The Lede
Gen X may be even less prepared for retirement than boomers, wealth advisors say. These future retirees are among what experts are calling "silver squatters" — adults in their mid-50s who are even more woefully unprepared than some boomers, despite being about a decade away from retirement. "Squatters" refers to the possibility that many will have to rely on family for housing in later years.
Key Details
- The median retirement savings for those in their mid-50s is just under $48,000, with 35% of 55-year-olds having less than $10,000 saved and 18% having saved nothing at all in 2023.
- Two-thirds of 55-year-olds say they're afraid of outliving their savings. That's the highest level of fear among any age group of Prudential's 2024 survey.
- The lack of preparation among the cohort could be due to late planning, in addition to less financial literacy among the generation, wealth advisors say.
