November 18, 2022

Often known as the forgotten or lost generation, you might not really know what your peers have saved if you’re part of Gen X. For anyone born between 1965and 1980, current members of this generation are staring down the road at retirement in the next 15-20 years. One 2019 study from the Federal Reserve found that the average mean net worth was between $436,200 and $1.1 million.

One unique challenge facing many in this generation is the likelihood of caring for their own children and also possibly aging parents. This can place significant financial and physical burdens on people in this generation, especially if they have had to reduce their own work schedule or retirement savings because of these other commitments. Being a caregiver puts stress on the person who has stepped up, regardless of their personal desire to serve in this role. It can also throw your overall savings and retirement plans out of whack.

When comparing Gen X to other generations, they fall short in terms of general retirement savings. One big impact on this has to do with inflation and rising costs of living, which are certainly a pressure points in today’s economy. Gen X has reported in surveys and studies that the biggest financial concerns facing them have to do with the volatility of the stock market and continued inflation. Only 22% of the generation says they feel “very confident” they’ll be able to retire with their intended lifestyle.

If you have questions about how to proceed and adjust your own retirement plans as needed, meet with us to discuss all of your options. No matter where you fall in Gen X, a conversation with a financial professional could make a big difference.