The Generation Unfortunately, the results don't look too rosy.

However, according to a Goldman Sachs retirement survey, almost half of this group admitted that their retirement savings are not on track, so the experiment did not go smoothly.

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According to the survey, about 45% of Generation X are not meeting their retirement savings goals. And with the oldest of this generation turning 60 next year, time is running out to catch up.

The Generation As employers began pulling out of costly retirement systems, Generation X had to figure out how to plan for their retirement – a challenge for which they had no plan.

A report from the Spokane Journal of Business summed it up perfectly: The retirement outlook for Generation X is “bleak.” While younger generations have had more time to get used to the 401(k) system, many Generation Xers started saving later. Combine that with market fluctuations and the responsibility of managing their retirement savings, and it's no wonder that nearly half of this group is behind schedule.

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Chris Ceder, a senior retirement strategist at Goldman Sachs Asset Management, pointed out to Yahoo Finance that many in this generation have “started late” with their 401(k) savings, which only exacerbates the problem. Without the safety net of a pension, they have had to take on the responsibility of saving and investing wisely, but for many it hasn't been easy.

According to Fidelity Investments, the average 401(k) balance for Generation X is about $178,500. While that may seem like a solid sum, it's a far cry from the $1.5 million that financial experts estimate is needed to retire comfortably today. And for the generation

The gap is large and many in this group are looking for ways to catch up as they approach retirement age.

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Despite the negative outlook, not all hope is lost. Financial advisors have identified two groups within Generation X that have closed the savings gap. One group consists of people who have built successful companies and were able to sell them in order to secure a high severance payment for their retirement. The other group includes employees at companies like Amazon, where stock options are widely available to workers at all levels, from warehouse staff to executives. For some, these stock options have become the key to reaching that elusive $1.5 million goal.

The Generation The importance of starting early, saving consistently and taking advantage of every opportunity that comes your way is more evident than ever. For Generation X, who still has to catch up, it's not too late to make changes and prepare for the future – but the clock is ticking. If you have concerns about reaching your savings goals, consulting with a financial advisor can be a good way to make sure you're on the right track.

Even though the road was hard, the generation

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