Nearly Half of Middle-Aged Americans Aren't on Track for Retirement

Life comes at you fast. It can be jarring to find yourself in your 20s at one moment and in your 40s-50s in the next. 

This can also be true for your retirement account, which you might’ve expected to grow more quickly as you aged. (Michael Scott perfectly illustrated this, as he often did, on "The Office" when he promised a school full of elementary school children that he would pay for their college educations once they graduated, assuming that he "would be a millionaire by 40.")

By the numbers: First the good news: According to a new report from the Society of Actuaries, 54% of Gen Xers in their 40s and 50s think they're on track for retirement. The bad news is that means that nearly half of all middle-aged American aren't yet prepared to retire.

Why the disconnect?

• 36% of respondents said the Covid-19 pandemic negatively impacted their overall financial situation.
  
  

• 40% of Millennials experienced job loss or a pay decrease, compared to 33% of Gen Xers and 21% of Late Boomers.
  
  

• 35% of workers have changed or considered changing when they plan to retire as a result of Covid with most of these respondents delaying their retirement.
  
  

• 20% experienced changes to their living situation in the last year, struggling to pay rent or make their mortgage.

The good news: Even for those who feel behind, it's not too late. Personal finance experts say that even those in their 40s and 50s can catch up on their retirement plans by ramping up their 401(k) and IRA contributions, investing appropriately for growth, and thinking about what they really want to accomplish in their senior years.