Nearly 50% of Americans in their peak earning years admit they worry about retirement every day

For many Americans, retirement is a constant source of worry. According to BlackRock, 47% of Americans ages 45 to 54 worry about their retirement savings at least once a day. These fiscal moves will help allay some of these concerns.

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Here’s how Gen Xers can move on to greater retirement savings and less anxiety.

Start saving early

When it comes to retirement savings, young investors have an advantage because the money they invest has the advantage of growing at compound interest over several decades. Assuming average stock market returns are 6% to 7%, every dollar you invest now could triple or quadruple by the time you retire.

People in their 40s and 50s have shorter time horizons, but investing 10 to 20 years after retirement can still make a difference in their retirement savings.

Save regularly

If you’re not already doing so, automate your retirement savings strategy. Save money with every paycheck or every month, even if it’s a small amount. These fixed payments can help boost your retirement savings, and they can also help calm some of the panic you may be feeling about retirement.

You should also create an emergency fund. Place three to six months of living expenses in a high-yield savings account, and only use it in times of emergency. This will reduce the temptation to tap into your retirement funds for sudden expenses, which can result in hefty penalties.

Take advantage of retirement accounts

A 401(k) or similar tax-advantaged plan is a great way to build your retirement savings, especially if it comes with a matching contribution from your employer. As a general rule, investing 10% to 15% of each paycheck is a good goal.

In 2025, you can contribute up to $23,500 to a 401(k). This amount reaches $70,000 when your contributions are combined with your employer’s contributions. If you’re in your 50s, you can invest in a $7,500 catch-up contribution to your 401(k).

Individual retirement accounts — such as a traditional IRA or Roth IRA — are another great way to save for retirement. Both have contribution limits of $7,000 for 2025. Those over age 50 can make a catch-up contribution of $1,000.

Align your financial plan with your values

Cherry encourages Gen Xers to align their financial plans with their values, lifestyle needs, and long-term goals.

“This is what I call lifestyle-aligned wealth planning. It’s not just about how much you save, but how intentional you are about saving,” advises Sherry. “When you know your retirement rate – the amount you need to fund [your retirement] Annually – your retirement date, When you want to be an optional act, you are no longer guessing. You design your life with clarity and confidence.”

To get started, you’ll need to be honest with yourself about the state of your retirement savings and where you want to go.

“The keys are to be honest, give yourself grace where you are, be confident, and commit to where you want to go,” Cherry said.

Bottom line

For most people, the years between 45 and 54 are peak income years, but many still worry about being able to afford retirement. The best way to overcome these fears is through action.

Start saving regularly, and contribute as much as you can to tax-advantaged retirement plans, such as 401(k) accounts and IRAs. Taking charge of your investments and savings is the best way to ease your worries about retirement.