They were once the grunge-loving, MTV-watching latchkey kids. Now, Generation X is approaching retirement with a new label — and it's not exactly flattering.
Meet the "Silver Squatters," a nickname born out of a growing reality: many Gen Xers are so underprepared for retirement that they're counting on their adult children for support — even if they haven't said it out loud yet.
According to Prudential Financial's 2024 "Pulse of the American Retiree Survey," nearly one in four 55-year-olds say they'll need financial help from family when they stop working. One in five expects they'll need help with housing. But here's the twist — almost half haven't even had the conversation with their kids yet.
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That awkward silence might be masking something bigger: a full-blown generational handoff. After years of bankrolling their children's lives, Gen Xers are now quietly preparing to reverse the roles. Whether it's moving in, cash infusions, or shared expenses, they're bracing for a retirement that won't go by the old rules.
The problem isn't just personal finance — it's systemic. The typical 55-year-old has saved less than $50,000 for retirement. That's a fraction of what's needed, especially for a generation that likely won't see the full benefits of Social Security and didn't get the pensions their parents did. Many also bought homes during the 2000s boom and ended up underwater after the crash, setting back their financial trajectory.
The report explains Gen X is "the first modern generation to confront retirement without full Social Security support, and in most cases without a defined benefit pension plan."
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Now they're being squeezed from all sides. As the so-called "sandwich generation," Gen Xers are often supporting both aging parents and grown kids — while still trying to keep up with mortgages, inflation, and rising health care costs. Jessica Lautz, deputy chief economist at the National Association of Realtors, says Gen X was hit hard by the financial crisis and is only now starting to bounce back.
Still, many are adapting in their own way. Nearly 1 in 5 Gen X buyers are opting for multigenerational homes, according to Lautz. Some do it to care for aging relatives. Others simply need help covering the bills. In some cases, multiple incomes in one home help everyone stay afloat. In others, the Gen Xer ends up footing the whole thing.
That mix of support and stress defines the current reality. About a third of those in the sandwich generation say caregiving has either blocked them from buying a home or paying off the one they have, according to a Realtor.com study. But there's a small upside: those who receive help from family are more likely to afford a home and save for retirement, according to Laura Eddy, Realtor.com's vice president of research and insight.
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Caroline Feeney, CEO of Prudential's U.S. Businesses unit, says it's time to shift the spotlight beyond just baby boomers. "We must also focus on the opportunity to help a slightly younger generation of workers enter the critical 10-year countdown to retirement," she said, pointing out that women in particular face especially uncertain futures.
In other words, Gen X isn't doomed — but the clock is ticking. And if "silver squatting" is going to be the backup plan, someone might want to give the kids a heads-up.
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