Generation X is starting to think more seriously about retirement and is wondering if they will have enough money to carry themselves through their golden years.
Three-quarters of Gen Xers (who are aged 35-49 years) call retirement a financial priority, but 28 percent say it is the one financial priority they are least prepared to meet (vs. 17 percent of Millennials, 14 percent Boomers and 12 percent Seniors).
Perhaps because they are concerned about having enough money to retire, [inlinetweet prefix=”” tweeter=”” suffix=”null”]more than half of Generation X (56 percent) plans to work in retirement to supplement their income.[/inlinetweet]
While Baby Boomers were dubbed “The Sandwich Generation” because they found themselves raising children and caring for aging parents at the same time, Generation X appears to be “The Worried Generation,” as many were hit hard by the financial crisis and have ongoing concerns about job stability.
“Generation X clearly has many serious concerns about financial stability and saving for the future, whether it’s retirement, their children’s education or achieving life-long dreams,” said Erik Merkau, president of Scottrade Investment Management. … They’re the first generation that has to cope with paying off large student loans while saving for retirement and their children’s education, which creates a great deal of stress and a sense of uncertainty for Gen Xers.
In fact, affording care offers a compelling dichotomy because most investors emphasize its importance as a financial priority (54 percent), but at the same time believe it is one of the major areas where they are least ready to absorb the financial drain (40 percent are least prepared to cover long-term caregiving, 33 percent are least prepared for healthcare expenses).
