Gen X's 'One More Year' Obsession: Identity Crisis and 401(k) Dilemmas

America's 65 million Gen Xers (born 1965-1980), who built their lives on 401(k) savings, are now facing two major challenges at retirement: financial security and identity loss. Gen X, who defined themselves by 'getting it done,' are now asking 'who am I?' when they can't work anymore.

■Only 14% of Gen X have traditional pensions, compared to 56% of Baby Boomers.

■Average 401(k) balance is $215,600, but jumps to $648,800 for those contributing for 15+ years.

■'One more year' is both a financial and identity fear.

■Gen X defined themselves as 'workhorses,' but now struggle with 'thoroughbred' roles.

■'One more year' is used to delay both 401(k) issues and identity crisis.

■74% of Gen X have no retirement plan, yet 43% have advisors.

■'Retirement party' is experienced as 'funeral' by many.

■Advisors must address both financial plans and identity crises.

Gen X's retirement process requires both financial and psychological transformation. This generation, who lived by 'getting it done,' now struggle with 'who am I?' at retirement. Identity crisis and financial security are the two biggest hurdles for Gen X. Advisors must be trained to solve both financial accounts and this generation's identity crises.