Generation X, those between the ages of 39 and 54, were hit by the financial crisis in 2008 at just the wrong time and have the highest average debt of any generation. Statistics show that 34% have no retirement savings, 26% have more than $10,000 in credit card debt, and the average retirement savings is only $69,000. Recent research is showing that the average employee needs to save 16.4 times their annual salary for retirement. The first step in saving for retirement is to pay off your debt because it isn’t sustainable once you retire. Planning out a budget for now, and in the future is helpful. Maxing out your 401k if you can is also recommended.