Meet the 'silver squatters': Adults in their mid-50s who are woefully unprepared for retirement

• Gen X may be even less prepared for retirement than boomers, wealth advisors say.
• A large cohort of adults in their mid-50s have less than $50,000 in retirement savings.
• Many expect to work part-time or receive family help after retiring, a Prudential survey shows.

Jim Thomas, a 52-year-old who works in a lumber mill, is well aware of how far behind he's fallen in saving for retirement. His job pays "good money," he says, but he's still trying to plug the hole in his finances after a layoff, a divorce, and several legal disputes emptied his wallet in the last decade.