Leveraging the gen x retirement market from overlooked to opportunity: Introduction
There is much written and discussed about retirement as it pertains to seniors and Baby Boomers, but the younger generations have for some reason been omitted from the conversation. They seem to have all the time in the world to prepare for retirement, but is that really the case? Hopefully by the end this Gen X retirement blog, you will see that there is room for leveraging the Gen X retirement market from overlooked to opportunity.
Leveraging the gen x retirement market from overlooked to opportunity: Gen X challenges for retirement saving
Hot on the heels of the Baby Boomers is Generation X or Gen X. The Harvard Center uses the years from 1965 to 1984 to define Gen X. In theory GenXers should be well on their way to preparing for retirement, considering it’s only 10 years until the oldest GenXer turns 65. The Insured Retirement Institute (IRI) recently released the findings from its fourth biennial report on Generation X and how well prepared for retirement they are.
Leveraging the gen x retirement market from overlooked to opportunity: Generation X retirement crisis
- 60% of GenXers have money saved for retirement. This is down from 65% two years ago
- 40% of GenXers have no retirement savings – an increase of 5% from the previous study and 66% have not attempted to calculate how much they would need to save to retire
- 60% of GenXers believe they will have enough money in retirement. They believe they will have enough money to cover their basic expenses. Also,they think they will be able to enjoy travel and leisure activities. This is despite their concerns about adequate savings and expenses. Most have either no savings or comparatively low retirement account balances,
- Gen Xers working with advisors are better prepared for retirement, and far less concerned about the risk of falling short
Leveraging the gen x retirement market from overlooked to opportunity: Gen X challenges for retirement saving
What are the top 3 retirement risks GenXers are most concerned about?
- 66% – changes to Social Security
- 64% – high health care costs
- 59% – running out of money
Leveraging the gen x retirement market from overlooked to opportunity: An opportunity for everyone
Whether you’re well-prepared or ill-prepared for retirement, the one piece of advice that will serve you all well is to make sure that you don’t drag debt into retirement with you. If you’re struggling with debt, now is the time to seek professional help.
The Ira Smith Team can help free you from debt and get back to saving for retirement Starting Over, Starting Now. Give us a call today and make an appointment for a free, no obligation consultation. We can set you on a path to a worry-free retirement.
