GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
This is a valid concern and one that doesnt necessarily point to you being financially irresponsible.
Gen X has been dealt tough blows.
Thats a big deal because over 50% of Americans wealth is in the equity of their homes.
Thats the equity we need to purchase the downsized-condo for retirement.
How can you get ahead of those before they strike and put your financial freedom at stake?
Here are five ways Gen X can prepare forfinancial curveballs that could hit it in retirement.
Get Devoted To Saving and Maxing Out Retirement Plans
Save, save, save.
Most Gen Xers will need to start saving aggressively, Wright said.
Mortgage is the big one, Wright said.
If you could own your home before retiring, thats a win.
If financially feasible, hang on to the house you own.
Continuing to build equity is important for three reasons, Wright said.
First, youll eventually pay it off, and the expense will go away, expanding your budget.
And third, its the source of last-resort emergency funds through a home equity line of credit.
Long-term healthcare can hit retirees of all wealth statuses hard.
Look into getting insurance to help take the edge off this enormous expense should it befall you.
Gen X needs to focus on beefing theirs up.
Save six to 12 months of living expenses in a liquid account, such as a high-yield savings account.
Diversify Your Portfolio
Gen Xers also should be focused on diversifying their portfolios.
Get Realigned With Your Budget
Finally, its important to reassess your budget before retirement.
Downsizing your living situation or paying off debt before retiring can also reducefuture financial stress.
More From GOBankingRates
Share This Article:
