Is Generation X ready for retirement? Steps you can take now

Were you born between 1965 and 1980? If so, you are one of the 65 million gen

The generation

Are you ready for retirement? Let’s see.

The sandwich generation

Generation Xers often provide financial and care support to their parents while also supporting adult or nearly adult children. Pew Research reports that nearly half of Generation

This juggling act costs a lot of money and time. According to the National Alliance for Caregiving, many Generation Xers dedicate more than 24 hours per week to caregiving.

The burnout from balancing so many roles creates financial strain that further delays retirement planning.

A late start to saving

Generation X is lagging behind when it comes to retirement planning. Many of them faced student loan debt and stagnant wages early in their careers. Today, caregiving responsibilities push retirement concerns aside in favor of more immediate demands.

Investopedia reports that only 25% of the generation are pinning their hopes on Social Security, according to a Transamerica survey.

And yet, a significant number of people have less than $50,000 saved for retirement. Others have significant debt. Added to their sleepless nights are worries about rising healthcare costs in retirement. Fidelity estimates that a couple retiring today will need about $300,000 in healthcare expenses, a figure few Gen Xers are willing to cover.

Generation X can take these steps now

Use catch-up contributions: People over 50 can accelerate their savings by making additional contributions to 401(k)s and IRAs.
Use Health Savings Accounts (HSAs): These tax-advantaged accounts can cover medical expenses in retirement, helping offset future costs.
Set financial boundaries: Define the limits of financial support for children and parents and thus secure your resources for your retirement goals.
Get professional advice: For busy Generation Xers, financial advisors can offer numerous strategies to help balance current responsibilities and future savings.

Over the next two decades, approximately $84 trillion in wealth will be transferred from baby boomers to younger generations, including their Generation X children. And they will need every penny. Get expert advice at “Gen X Retirement: Dream or Reality” on February 20 in Altamonte Springs. Register online at OneSeniorPlace.com or call 407-949-6733.

Brenda Lyle is a Certified Care Manager and Certified Dementia Therapist at One Senior Place, Greater Orlando. One Senior Place is a marketplace for resources and providers of information, advice, care and on-site services for seniors and their families. Send your questions to [email protected]. For immediate assistance, call 321-751-6771 or visit One Senior Place, The Experts in Aging.

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Is Generation X ready for retirement? Steps you can take now

ByAmelia Journalton

By Amelia Journalton

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