Today’s kids with their 6-7 don’t know what it’s like to grow up with REAL slang! 🤙 Back in the day, we told people to talk to the hand and take a chill pill. Gnarly, dude! 😎
If you’re raising a 6-7 gremlin, you’re probably in the elder millennial/Gen X crowd. And for Gen X, retirement is a-knocking. 👴🏼 Are they ready for their golden years? Check out these survey stats.
Here’s Five Fast Facts on Gen X and retirement:
- 💵 Money Issues - For Gen X, the thought of retirement is stressful AF. According to a new survey, more than 8 out of 10 Gen Xers worry they won’t have enough money to do so. They expect to retire on an average of just under $712K, less than the $1.2M they think they’ll need.
- 📈 Debt Doom - High student loan and credit card debt have Gen X putting those issues over retirement. They’re also borrowing against their 401(k)s. Roughly 17% of millennials and 21% of boomers report borrowing from their accounts compared to almost 25% of Gen Xers.
- 🚨 In Case of Emergency - In addition to paying down debt, a couple other factors are preventing Gen X from smashing retirement savings goals. One is paying for surprise family or personal emergencies. Another is keeping up with the ever rising cost of living.
- 📋 Top of the List - According to another survey, most Gen Xers still in the workforce didn’t think retirement was a priority until age 50 or later. Roughly 26% said they’d have to go back to work within 12 months if they retired today and 15% say they’ll retire later than expected.
- 💰 No Treat Zone - How is Gen X prepping for retirement now? About 4 out of 10 surveyed said they cut down on unnecessary spending. Another 34% boosted their retirement account contributions and 23% went to a financial professional for help.
🔥Bottom line: Looking for a new gig with a better retirement plan? You might have to switch up your job search strategy. The ol’ resume spray n’ pray doesn’t cut it anymore. Lucky for you, we put together a guide to get recruiters to notice you. Read the article here!
Are you a Gen-Xer planning for retirement?
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