HUGH TALLENTS: Every generation faces unique challenges due to the financial strain caused by the pandemic. However, Gen Xers are by far in the worst position because they are currently the "sandwich" generation. They are trying to help their aging parents who may not have put enough away for retirement and skyrocketing health care costs.

They're likely also supporting their kids who are burdened with student debt or just starting their careers in lower-paying jobs. As a result, their spending is significantly higher, they are heavily reliant on monthly income, and lack financial diversification that gives them options in case of job loss.

Gen X has always been a selfless and underappreciated generation, prioritizing the stability of their parents and children above their own savings and retirement. But it is time to focus on themselves before they help their families. If Gen Xers keep supporting others first, they won't have anything left for retirement – a financial burden that will then be passed on to millennials.

Do you see any potential ramifications to provisions of the CARES Act?

The actions that governments and companies are taking to address coronavirus will shape consumer expectations long after the pandemic is over. The CARES Act is just one example. By enabling individuals to withdraw from their 401(k) savings for hardship expenses, it creates a potentially harmful perception of the accessibility of retirement savings.

By making it easier to dip into these savings, consumers may start viewing their retirement funds as "fair game" rather than "off limits," and we've already seen a spike in withdrawals since COVID-19 began. It's hard to put that genie back in the bottle and people may start seeing their 401(k) as an emergency fund as much as a retirement account.

What are possible outcomes of Americans borrowing from retirement savings right now?

When Americans withdraw from their retirement savings, they immediately lose out on compounded returns in the future. They are also going to have to pay taxes on those withdrawn funds – bills they weren't expecting and may not be able to pay. 401(k) gains are tax-deferred, not tax-exempt, and people may not be expecting the tax bill on those withdrawals they'll face over the next 3 years.

What can individuals do to best position themselves for recovery?

People are making moves across all generations to bolster their emergency funds and liquid savings. In times like these people like to keep their money close. People have also become increasingly aware of the essentials that they have to be able to afford and are cutting spending elsewhere, which is a great start.

There is also some indication the acceleration of remote work could be a saving grace for younger millennials who are struggling to financially manage living in high-cost cities while working in lower-paying jobs. If the flexibility of remote work continues and young people can retain their jobs while living in a lower-cost area with a high quality of life, they can start to pay down their higher interest loans, establish emergency funds, and start to address their retirement over time.

We've seen how some people took a long time to recover from the Great Recession. How will this time of pandemic affect retirement saving efforts in years to come? 

Looking at younger people specifically, there is a distinct difference between "younger millennials," born between 1989 and 1996, and "older millennials," born between 1981 and 1988.

Younger millennials have a much tougher road ahead because they are just starting out in their careers, don't have any savings to put into the market, and are also more likely to have significant student loan and credit card debt. Older millennials have been in the workforce longer and their debts are more likely to be 'good debts' like mortgages that are helping them establish home equity.

Based on our research, these differences mean that younger millennials have 23% less total wealth than older millennials did at the same stage in their careers. This wealth gap will play out over the next couple of years as younger millennials have less to put aside in savings, less to invest in retirement, and a higher risk of debt.

What is a typical question or situation around finances/retirement saving you've seen come up since the coronavirus hit?

In our work, we see that every company has a pre-retiree/baby boomer strategy and a millennial strategy – but no one has a Gen X strategy. It is going to be absolutely critical to reach this group because of the immense challenges and unique financial situation they face.

There is also a huge opportunity for companies to provide the advice, products, and services Gen Xers need and create client relationships that will last far longer than this single economic downturn.

Will we see a wave of early retirements? Or will we see an increased number of older workers still trying to stay in the workforce?

Many older people are going to be offered a severance package or let go entirely. They will struggle to get back into the workforce and ultimately end up forced into early retirement without the savings they need. On the flip side, those who can hang onto their jobs are going to cling to them for longer to keep their health insurance, as well as income.

It is also worth noting that in the United States, a significant amount of small businesses are started by individuals over the age of 65. That is in large part out of necessity, as companies are looking to hire younger and cheaper talent, but also because seniors want independence and a sense of purpose in their encore careers.

Starting a small business has been a lifeline for seniors pushed out of the market, but during and following this economic downturn it is going to be even harder to get business loans to start one. We anticipate that some may look to their savings instead, which is a risky strategy.