Generation X is next in line to retire after baby boomers, but many of those workers are being hit with a harsh retirement reality check as experts warn working adults that many are falling short on the savings they'll need to retire comfortably.
According to Gallup, four in 10 Americans don't have money tucked into a retirement savings account like a 401(k) or IRA.
A separate survey from Bankrate found that three in five people feel behind on retirement savings.
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"There is a high degree of awareness about the challenge, then comes the question, well, what are we going to do about that?" said Mark Hamrick, senior economic analyst at Bankrate.
If you have an employer-sponsored savings program, Hamrick says to take advantage of an employer match.
"Perhaps try to make even larger contributions because that's money -- if you don't take advantage of that -- you're truly leaving on the table," Hamrick said.
Investment management company Vanguard recently released its retirement outlook. According to the Vanguard report, "42% of all Americans are expected to retire successfully, with the remaining 58% expected to fall short of their current lifestyle in retirement."
"We believe we're seeing strong progress and that's mostly because of access to 401(k) plans," said senior financial advisor Sabino Vargas.
He adds there's room for improvement for baby boomers and Gen X-ers approaching retirement age.
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"What I would encourage them to begin to analyze is how do catch-up contributions fit into their plan, eliminating any high-interest debt, potentially unlocking the equity of their home as they think about maybe downsizing as part of their retirement plans," Vargas said.
Consumer and money-saving expert Andrea Woroch encourages parents to shift their priorities – even if that means putting less money in their child's college fund.
"Your children could take a loan out for college, and you can help them pay that off later. But you can't take a loan out for retirement," Woroch said.
To put away extra money for retirement, she says, look for every savings opportunity to cut your monthly bills, like bundling your insurance, dining out less and evaluating your cell phone plan.
"Start figuring out where you can cut back," Woroch said.
Feeling ready for retirement and being ready are two different things, so experts recommend working with a financial advisor to prepare a game plan. If you still feel behind, consider working a few years longer or even part-time.
"Do you have a hobby or a skill that you could promote? Even your professional skills, you can post for freelance on sites like Upwork," Woroch said.
If you don't have a 401(k), open an IRA, or individual retirement account. Even if you're a year away from retiring, Hamrick says there's always an opportunity to do better.
"Every bit of incremental improvement that you make in this process is going to make a difference," he said.
On top of not having enough money saved up, there's additional fear that workers won't receive Social Security benefits. Bankrate found that every generation is increasingly concerned that promised benefits won't be paid to them in retirement.
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