We all know the saying, “You become your parents.” But when it comes to retirement, Baby Boomers and Gen X are charting strikingly different courses. While similar values may have been instilled, their approaches to saving, planning, and investing couldn’t be more distinct.

Baby Boomers, those born between 1946 and 1964 (according to Pew Research), represent a powerful 69 million-strong demographic. Generation X, born between 1965 and 1980, follows closely behind with 65 million individuals, many of whom are now reaching the milestone 65th birthday. This significant demographic shift is bringing to light the vastly different financial realities and strategies employed by these two generations.

The differences are substantial, prompting a closer examination of the unique challenges and opportunities each group faces as they navigate the complexities of retirement. Understanding these differences is crucial for financial institutions, policymakers, and the individuals themselves to ensure a secure and fulfilling retirement for all.