Gen X’s transition from defined-benefit pension plans to defined-contribution 401(k) plans uniquely affects the generation’s retirement planning

America ’s Generation X includes those born from 1965 through 1980 , now aged 45-60 .

They number 65 million individuals, representing 19.5 percent of the entire US population.

Transition from defined-benefit pension plans to defined-contribution 401(k) plans occurred during Gen X's working years.

Gen X- ers missed out on automatic enrollment at time of employment.

Social Security is best viewed as an intergenerational redistribution of income from younger working Americans to older retired Americans .

Social Security was never designed to provide all of America ’s retirement needs, but it has for nine decades provided a backstop to prevent poverty among retired seniors.

If Congress takes no action, the projected insolvency of the Social Security trust fund will affect Gen X.