Born between 1968 and 1978 and raised with VCRs and MTV, Generation X might be known as the neglected middle child of demographics right now.
Caught between Millennials and Baby Boomers, Gen Xers are in their proverbial sandwich years. We know it can be a delicate balancing act of work, raising kids, and possibly caring for aging parents.
At the end of the day, what about Generation X and their financial well-being?
According to the 17th Annual Transamerica Retirement Survey, 83% of Generation X workers believe they’ll have a harder time achieving financial security than their parents’ generation.
If you’re part of Generation X, now is a crucial time to get back on the savings track in preparation for future retirement.
Three things that can help you get started:
- Take a hard look at where you stand right now – and calculate how much you’ll still need to save before retirement. Consider reaching out to a financial professional if help is needed.
- Find ways to save more in your 401(k) or other employer-sponsored plans. Alternatively consider saving outside of work retirement plans. As you turn 50, you are also able to save more through catch-up contributions.
- Keep your job skills up to date – which can increase earning power and marketability in today’s environment.
A few final words
As a Generation Xer, you may still have at least 10 more years to save and prepare for retirement. But don’t procrastinate. The longer you wait, the less time there is to plan and save. If this seems overwhelming, or a helping hand is needed, consider reaching out to a financial professional. You still have time on your side and are encouraged to use that time wisely – even as you juggle daily realities – to secure a healthy retirement.
Share your questions or concerns with this community about retirement or finding a reputable financial advisor in your neighborhood on our Savings/ Retirement board.
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