Gen Xers Face Retirement Planning Challenges Alone, Natixis Survey Finds
The Retirement Reality Check for Generation X: Are You Prepared?
As Generation X navigates the complexities of retirement planning, a recent survey by Natixis Investment Managers reveals some stark realities that this demographic is facing. Despite their desire to retire at age 60 and enjoy a 20-year retirement, the median household income of $150,000 for North American Gen Xers is not translating into sufficient retirement savings, with a median of only $250,000 saved up.
The survey highlights the unique challenges that Gen Xers are grappling with, including the pressure of caring for aging parents and growing children while trying to fund their own retirement. With 78% of Gen Xers believing that funding their retirement is their own responsibility, rather than relying on public and private pensions, many are anticipating having to delay retirement or make significant adjustments to their plans.
Concerns about having to work longer, reduced retirement benefits due to growing public debt, and the fear of not being able to afford healthcare expenses in retirement are top of mind for Gen Xers. Additionally, volatile markets and economic uncertainties are forcing Gen Xers to reassess their financial freedom in retirement, with many worried about having to live frugally or relocate to more affordable areas.
Despite these challenges, the survey also reveals a reluctance among North American Gen Xers to seek professional financial advice, with only 38% feeling the need for professional guidance. This is in contrast to their global peers, with 56% of Gen Xers worldwide recognizing the importance of professional advice.
As Gen Xers face these financial hurdles and uncertainties, it’s crucial for them to consider seeking professional guidance to navigate the complexities of retirement planning. Whether it’s understanding investment options, managing inflation risks, or optimizing their retirement savings, working with a financial advisor can provide valuable insights and strategies to help Gen Xers achieve their retirement goals.
In conclusion, the retirement reality for Generation X is a complex landscape of challenges and opportunities. By acknowledging the gaps in their knowledge and seeking the right support and guidance, Gen Xers can better prepare themselves for a secure and fulfilling retirement. It’s never too late to start planning for the future, and with the right strategies in place, Gen Xers can take control of their retirement journey and ensure a comfortable and financially stable future.
