Gen Xers are nearing retirement. Here’s why many are more at risk of running short of money than younger colleagues

(CNN) – NEW YORK – A recent analysis by Morningstar’s Center for Retirement and Policy Studies projects that 45% of U.S. households run the risk of falling short financially if they retire at 65 – or 54%, if they retire at 62.So many workers today have largely been on their own when it comes to saving adequately for retirement. That’s thanks to a shift away from a defined-benefit pension system – where your employer fully funds fixed monthly checks paid to you in retirement – and toward a defined-contribution system in which employees are responsible for putting away the lion’s share of the money and deciding how to invest it.Related Stories The groups that drew the shortest straw in that transition are Gen Xers, the oldest of whom are within a decade of retirement age; and Baby Boomers, the youngest of whom are already in their early 60s.For that reason, the Morningstar analysis projects Baby Boomers and Gen Xers are more likely to see shortfalls in retirement than their Millennial or Gen Z counterparts. “The shift from defined-benefit pensions to defined-contribution plans left Baby Boomers and Gen X with less time to accumulate savings,” researchers wrote.But U.S. workers – of...