Managed accounts can be valuable for periodically assessing whether the employees are on track to meet the goals set forth in their managed accounts and adjusting as needed in volatile markets.

Related: 'Sandwiched' Gen X is staying in the workforce longer: What does that mean for their retirement?

Managed account participants have had positive impact on Gen X engagement and financial confidence, according to Fidelity, in the following ways:

Emergency savings has more than doubled from their point of enrollment, reflecting an active interest in their financial security.
Not taking drastic action during a market downturn nearly doubled, reflecting confidence in their investing strategy.
Confidence in their financial security has nearly doubled.

"Employers can help Gen X prepare for retirement by providing tailored education along with innovative tools and investment solutions that improve portfolio outcomes," said Deb Boyden, Head of US Defined Contribution, Schroders. "As Gen X participants near retirement, this is an opportune time for employers to enhance their retirement plans with investment options specifically designed to safeguard retirees' savings while also offering much-needed growth potential during retirement."

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Gen X turns 60: Are these employees ready for retirement?

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