Generation X is the generation born from 1965 to 1980 and the oldest part of the demographic is nearing retirement age. But it turns out the Forgotten Generation is completely unprepared for it on a financial front and it’s starting to set off alarms.
Here’s Five Fast Facts on Gen X’s Retirement Problems:
- 🤷 Whatever - The average Gen Xer has only $40,000 saved for retirement. That would provide only $100-$150 a month in retirement income. That’s horrifying and has led many to resign themselves to work until they die.
- 👵 I Want My MTV - Gen Xers also have 57% of the country’s student loan debt, averaging $44,000 in outstanding loans. Hear that, Millennials? It’s not all about you.
- 🏦 Latchkey - Generation X is the first to rely on 401Ks instead of pensions, which used to be the standard form of retirement since they offered a fixed monthly amount. Since 401Ks are unstable, there’s no telling how much will be available at any given time.
- 👴 Creep - Upon retirement, Gen Xers will have to rely on what’s called the Three-Legged Stool: a mix of Social Security, 401K plans, savings and stock market investments. None of those are predictable. The Scooby Doo villain that is Social Security running out of money is always lurking around the corner, leading to further anxiety for some.
- 🫙 Slacker - One financial expert says the entire situation is overblown and more of a lifestyle phenomenon that will correct itself over time. A possible solution is a raise in the retirement age from 65 to 67.
🔥Bottom line: Is it too late to sound the alarm bells? There’s no telling. If the numbers, trends, and predictions are true, an entire generation is going to have to work on their Welcome to Walmart techniques in short order.
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