Here’s the Median Retirement Savings for Gen X Men vs. Gen X Women

For Generation X, the demographic age group sandwiched between baby boomers and millennials, retirement is no longer a life event far-flung into the future. Rather, this post-work time is coming fast — and when it comes to their retirement savings, many Americans born between 1965 and 1980 are not prepared.

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According to a new report by the National Institute on Retirement Security (NIRS), the typical Gen X household has only $40,000 in retirement savings. The median account balance for a Gen X individual is only $10,000.

Additionally, the study showed a distinct gender disparity in retirement readiness. “Women fall behind men in every measure of retirement preparedness,” the report stated. “Women have lower annual earnings, lower net worth, and are more likely to fall short of savings targets.”

Perhaps partially attributable to Gen X women being more likely to work part-time (18% compared to 7% of men), the average private retirement account balances for Gen X men and women are $156,333 and $101,497, respectively. The median retirement savings is $6,000 for Gen X women, more than half than for single Gen X men ($13,000). But the retirement outlook for all genders looks bleak.

“Generation X represents the leading edge of the new retirement in America,” Tyler Bond, co-author of the report and NIRS research director, told Yahoo Finance. “As the first generation to mostly enter the workforce after the move away from defined benefit pensions in the private sector, most Gen Xers will not enjoy the secure retirement income that pensions have provided to so many in previous generations.”

Changes to Pension Plans Partially To Blame

The report highlights the difficulties facing Gen X workers planning for retirement. Because Generation X individuals mostly entered the workforce after this shift from defined benefit (DB) to defined contribution (DC) plans in the private sector, the burden of planning and saving for retirement rests more heavily on its shoulders than it had for baby boomers.

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While the study found that many Gen Xers may have private retirement accounts, a significant amount hold a zero balance. Those with DC savings earn more than those without, regardless of gender, but 42% of women and 39% of men who have private accounts have no savings at all.

Retirement becomes more expensive with each successive generation as Americans continue to live longer. Healthcare and housing costs continue to increase and will be a major financial burden for Gen X-ers in retirement years, so it’s important for “the forgotten generation,” who are in the peak of their earning years, to start saving now.

“Accruing savings takes time, and Social Security alone won’t provide enough retirement income,” Bond suggested in a statement. “So it’s critically important that we change course quickly. The status quo means we are looking at elder poverty for many Gen-Xers and pressure on their families for support.”

The NIRS study, entitled “The Forgotten Generation: Generation X Approaches Retirement,” examines a wide range of metrics for assessing retirement preparedness — including sponsorship, take-up and participation rates in employer-provided retirement plans. The study uses research census data from the Survey of Income and Program Participation (SIPP).

This article originally appeared on GOBankingRates.com: Here’s the Median Retirement Savings for Gen X Men vs. Gen X Women