Generation X Concerned About Retirement Planning: Allianz Life Survey Results

“Generation X: The Retirement Planning Crunch Time”

As members of Generation X approach retirement age, the pressure to ensure a comfortable post-retirement lifestyle is mounting. A recent survey conducted by Allianz Life revealed that Gen Xers are more concerned about their financial future compared to baby boomers and millennials. While 62% of Gen Xers feel confident about their ability to support their desired lifestyle in retirement, a significant portion also expressed regret about not saving more for their golden years.

The survey highlighted that Gen Xers are taking steps towards their long-term financial goals, such as paying down debt, building emergency funds, and improving their credit scores. However, high costs, including day-to-day expenses, credit card debt, and housing costs, are hindering their ability to save more for retirement.

Kelly LaVigne, vice president of consumer insights at Allianz Life, emphasized the importance of creating a sound retirement income strategy. While saving is crucial, it’s equally important to ensure that your assets are used efficiently to provide income during retirement. Despite the benefits of having a long-term plan, the survey found that only 35% of Gen Xers are utilizing the services of a financial professional.

The study also revealed that an increasing number of Gen Xers are prioritizing retirement planning in the next five years. This shift in mindset is particularly evident among Asian/Asian American Gen Xers, who are more likely to prioritize saving for retirement compared to their white, Hispanic, and Black/African American counterparts.

As older members of Generation X approach retirement age, it’s essential for them to consider all available options to secure their financial future. While traditional retirement planning tools may not be accessible to all Gen Xers, proprietary reverse mortgages offered by leading lenders can provide a viable solution for those looking to tap into their home equity to supplement their retirement income.

In conclusion, as Gen Xers navigate the complexities of retirement planning, it’s crucial for them to take proactive steps towards securing their financial future. By creating a comprehensive retirement income strategy and exploring innovative financial solutions, Gen Xers can pave the way for a comfortable and fulfilling retirement.