Gen X Fears They Can't Afford Retirement — Now or Ever
The oldest members of Gen X are facing financial pressure on multiple fronts. They're taking care of parents and their own children. They're grappling with higher costs for college tuition, cars, groceries and housing. They're struggling to save. And as they get closer to retirement age, they're worried about healthcare costs.
Only 43% of Gen X respondents said they can afford to retire at age 65, and for those without a 401(k), 26% said they do't expect to retire at all. It's a bleak outlook for a future that wasn't supposed to be like this. Read more here.
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2mo43% of X'ers don't *plan* to retire. But how many will be involuntarily retired by AI-powered layoffs and ageism in the HR sector?
OK Boštjan Dolinšek
Experienced Representative @ Affordable Finds From Japan LLC | ISO Auditor
3moInformative news!
Chief Operating Officer | Senior Lecturer. Driving innovation and growth in a cutting edge start-up, while educating the next generation of business leaders.
3moBeing on the front end of this generation, I can say I completely understand why we're here. We had parents who didn't invest other than a savings account and we had families early and struggled to keep ahead of the curve. Luckily I learned early on that if I wanted something better for myself later, I had to start early, and am not in the same situation as many in the article, but I know a lot of people my age who are. I feel sorry for those my age that cannot look to retiring in the next few years.
This highlights an important and often overlooked concern. Recognizing the financial challenges Gen X faces is crucial in shaping more effective solutions for their retirement planning. It's a step forward in addressing real issues for long-term financial security. What's your take on this shift in focus?