leveraging the gen x retirement market from overlooked to opportunity 0 — leveraging the gen x retirement market from overlooked to opportunity

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.

ISI 4 — leveraging the gen x retirement market from overlooked to opportunity

Managing family finances: Introduction

Many Canadians are under the mistaken impression that financial planning is a young person’s game. After all, you’re now retired and you have your pension(s) and perhaps some savings. What financial planning is there to do for managing family finances? I’m here to tell you that it’s never too late to have a financial plan. You may not realize it but there are many financial decisions still to make – even after the age of 65.

Managing family finances: CIBC financial planning advice

Lana Robinson, executive director, CIBC financial planning and advice, says it’s never too late to plan. The biggest mistake for those heading into their 70s and 80s would be not to have a plan or mistaking a budget for a plan, she said. They might say ” ‘Well I have a budget and I’m living to my budget‘ but is that really a plan?

Have you:

taken into account all the needs you might have?

anticipated the cost of healthcare?

Figured out whether your goal is to have in-home care as opposed to living in a retirement home?

Managing family finances: Can you answer these seven questions?

Should you take your Canada Pension Plan (CPP) at 65 or defer it?

Should you take your Old Age Security (OAS) at 65 or defer it?

How much do you know about Registered Retirement Income Funds (RRIFs) and annuities?

Do you need to rebalance the risk in your investment portfolio?

What is the most financially helpful way to use your RRSPs?

What are your financial goals and what are these goals going to cost you?

Are you in debt?

Managing family finances: Don’t retire in debt

If we can give you one piece of extremely valuable advice for managing family finances it’s DON’T RETIRE IN DEBT! If you do, your retirement will be extremely stressful trying to figure out how to make ends meet. Family financial planning is not fun when you need a financial plan to get out of debt. But, don’t despair – we can help.

The Ira Smith Team has many years of experience helping people just like you facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. We approach every file with the attitude that financial problems can be solved given immediate action and the right financial plan. Give us a call today and take the first step towards a debt free retirement.

managing family finances