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.
20 YearsHelping You Live Richer
Reviewedby Experts
Trusted byMillions of Readers
Increasingly, Generation X is drawing closer toretirement.
But a newsurveyfrom Natixis Investment Managers has revealed that over one in five Gen X-ers say theywont retire.
Then theres inflation, which Goodsell wrote makes things even more challenging.
According to the survey, 62% of Gen X-ers arent saving as much due to higher everyday costs.
Expectations vs. Gen X-ers anticipate a retirement period lasting only 20 years, which is shorter than many retirees actually experience.
As indicated in the survey, Gen X-ers have a median household income of $150,000.
As for media retirement savings?
Merely $250,000 today hardly enough to carry them over 20 years.
This disparity, Goodsell believes, comes down to human nature.
The younger they are, themore optimistic investorstend to be about retiring early, he explained.
However, he urged that as retirement gets closer, people have to get more realistic.
They need to ask themselves: Have I saved enough?
Do I really want to takeearly Social Securityand a smaller monthly check?
How long will I need my money to last?,' he emphasized.
But Goodsell warned that returning to the workforce might not be possible.
First and foremost, its important max out 401(k) savings.
In 2024, the contribution limit is $23,000 annually.
However, Goodsell noted that the most crucial step for Gen X-ers is to seek financial planning guidance.
More From GOBankingRates
Share This Article:
