Astoria, Oregon – Many members of Generation X are feeling unprepared for retirement, according to a recent article by Fortune. The oldest Gen Xers, born in 1965, are just a few years away from traditional retirement age, but concerns about financial readiness are growing. The article received hundreds of emails from Gen Xers expressing worry about their retirement preparations. An overwhelming number of non-retired Gen Xers are not confident in their ability to achieve a dream retirement compared to millennials and baby boomers. The typical Gen X household only has $40,000 in retirement savings, far from the $1 million-plus that financial experts suggest.
Some reasons for this include two market crashes, 9/11, and other economic headwinds Gen X has experienced during their years in the workforce. This generation carries more student loan debt than baby boomers and pays more for healthcare. They rely on 401(k) plans instead of pensions, putting the onus on employees to save for their retirement. As a result, the stakes are higher for Gen X, and the margin for error is lower.
Five Gen Xers shared their thoughts on retirement preparedness. For example, Tiffanie Young from Astoria, Oregon, has been in the healthcare profession for 25 years and has been consistently saving for the past two-and-a-half decades. She has taken on additional work to pad her savings and help prepare for retirement. On the other hand, Don from Denver, Colorado, doesn’t trust investing in the stock market and feels that his generation will have a harder time than boomers.
Another Gen Xer from Cape Cod, Massachusetts, Fred, has been working towards financial independence by buying a home without student loan debt and maxing out retirement accounts each year. He expects to be financially independent at age 55 and plans to move to France until retirement benefits kick in the US. This demonstrates that some members of Gen X are finding ways to navigate the challenges of retirement preparedness.
However, there are others like Marie Keyte from Statesboro, Georgia, who assume they will work until they die due to inadequate retirement savings. Despite such varied experiences, the article highlights how Gen Xers are approaching retirement preparations. Their stories offer insights into the struggles and strengths of their generation as they work towards financial security in retirement.