1 in 4 GenXers in Their 50s Will Become ‘Silver Squatters’ and Need Financial Support from Family in Retirement

Are you a GenXer in your 50s? If so, you may want to pay attention to a concerning trend that could impact your retirement years. According to Prudential’s 2024 Pulse Of The American Retiree Survey, 1 in 4 Americans in their 50s expect to become ‘silver squatters’ and rely on financial support from family members during their golden years.

The survey, which included 905 Americans aged 55, revealed that nearly a quarter of respondents anticipate needing financial assistance from loved ones in retirement, while 21% believe they will require housing support. These findings highlight a harsh reality for many GenXers who may not have fully prepared for their retirement years.

So, why are so many GenXers facing the prospect of becoming ‘silver squatters’? The survey points to several factors, including a lack of adequate retirement savings. With a median retirement savings of less than $50,000, many 55-year-olds fear they will outlive their savings. Additionally, GenXers have faced economic challenges throughout their working lives, from recessions to the absence of defined benefit pension plans and the impending depletion of the Social Security trust fund.

While the situation may seem dire, there is still hope for GenXers to improve their retirement prospects. By increasing retirement savings, taking advantage of employer contributions and tax breaks, and considering delaying retirement until age 70, GenXers can work towards building a more secure financial future.

If becoming a ‘silver squatter’ is a concern for you, it’s essential to take action now. Whether that means ramping up your retirement savings, discussing your financial situation with family members, or exploring alternative housing arrangements, addressing the issue proactively can lead to better outcomes in the long run.

Don’t let the prospect of becoming a ‘silver squatter’ catch you off guard. By taking steps now to secure your financial future, you can avoid the need for financial support from family members in retirement and enjoy your golden years with peace of mind.