It’s Time for Generation X to Get Serious About Retirement Planning-MAZZ Home
RetFree can help members of Generation X estimate the best time for retirement and offer tips about getting serious about financial planning.
The oldest members of Generation X are now in their mid-50s, which means they are entering the final stretch toward official retirement age. The thought of retirement can seem bittersweet to many people since careers and work are sometimes stabilizing elements in modern life. It is also nice to know the next paycheck is right around the corner. Retirement is the great unknown, especially for a nose-to-the-grindstone generation whose members tend to quietly do their own thing.
The main question may come down to: Is Generation X prepared to leave the workforce, emotionally and financially? Consider the fact that about 45% of Gen X workers do not want to think about retirement investment, per Next Avenue, and you may have an idea of where things stand.
The fact is that time isn’t going to wait for the children of the 1980s to decide. The massive Millennial generation is saturating the workforce, with Generation Z following right on their heels, so Generation X needs to start embracing their future and doing some serious retirement planning.
What Does Generation X Need to Do to Get Serious About Retirement Planning?
The youngest members of Generation X, at around 40 years old, still have a fairly substantial amount of time to take care of crucial business matters, but the older members definitely need to do work double-time to make sure their house is in order when it comes to retirement. On the one hand, many older Gen Xers are in their peak earning years, according to Forbes, making the idea of retiring seem absurd to them. Alternately, there are many Gen Xers who are not in such prime position. While they may love the idea of retirement, especially compared to their well-positioned counterparts, their financial position does not make it appealing or particularly realistic.
There are some things that members of Generation X can do to start preparing. Here are a few tips to help.
Start Working with a Financial Planner As Soon as Possible
Finding a fiduciary financial planner like RetFree and working to kick start retirement savings is the best way to launch a solid plan, geared toward a financially healthy retirement. Gen X will largely retire on 401(k) plans, so it is important to make sure those are in order.
Set a Retirement Goal Now
Taking a close look at one’s current financial status, along with a trusted financial planner, and setting a goal to improve financial health is the key step to financial preparation for retirement.
Keep Putting Money Aside
Even people who have not saved carefully over the years can start right now. Cutting out unnecessary purchases and tucking away everything possible is a simple practice that everyone can do and improve upon.
Planning for Retirement Should Start as Early as Possible
While it isn’t too late for Gen X to get their finances sorted out, it is always best to start thinking about the financial implications of retirement as early as possible.