Cathie Ramey
RedwoodAge.com

Boomers who are frustrated that they can't afford to retire may turn out to be lucky compared to their kids.  A new survey shows that more than two-thirds of Generation X don't think they'll be able to retire at all.

Unlike their parents - the 78 million boomers who are planning to retire and receive income from Social Security - nearly half of those born between 1965 and 1981 have no such hope, according to the 2008 American Retirement Study.

The study shows Gen Xers are "the most stressed group financially right now," said Chris Moloney, the chief marketing officer of Scottrade who commissioned the study along with BetterInvesting. 

"They are earning money and paying into Social Security and yet they fear they may never see the payback," said Moloney. "They feel they deserve it, but it looks like a financial black hole to them right now."

Part of that feeling may extend from watching what boomers are going through. Many feel financially unprepared to retire and most plan to keep working past traditional retirement age. Some aging experts have also noted a rising number of homeless among the elders, which may be an ominous sign of things to come.

To prepare for their own retirement, Gen X is trying to save money in 401(k)s, IRAs and traditional retirement savings accounts.

As with their parents, how much to save for retirement remains somewhat of a mystery.  One in five say they haven't begun saving while two in five have less than $25,000 saved. 

Interestingly, more than one-third want to have anywhere from $1 million to more than $5 million available when they leave the work force. 

"Gen X is in the middle of a 'retirement perfect storm' - very high expectations, low retirement savings and massive concern about the future of Social Security," said Moloney.

Gen X Action
When compared to other age groups, it appears that Generation X is making plans for their future. The survey shows they are saving more and spending less.  More of them are paying down debt and thinking twice about using their credit cards.

Gen X is known as the "baby bust" because birth rates dropped dramatically after the baby boom years. That will have a big effect as a smaller number of Gen Xers takes care of the enormous population of aging boomers and their own children.

"However, this generation more than others shows that they are trying to prepare for an uncertain future," according to Moloney. "This is a highly stressed generation, but also a highly motivated one."