Members of Generation X need a reality check, if they are looking ahead toward retirement.
Generation X is the generation entering midlife and is expected to take care of children and parents. However, they aren’t prepared. But there is still hope, according to CNBC in “What Generation X Needs to focus on to retire successfully.”
Members of Generation X (born between 1965–1978) are getting their careers in order and they are busy caring for aging parents and saving for their kid’s college funds. A survey from money manager Personal Capital found that more than 34% of Gen Xers have no retirement savings set aside at all.
As the youngest turn 40 and the oldest now in their early 50s, they do have time to catch up. However, they need to act decisively and act now. There’s no time for waffling.
Start by figuring out your current financial status. What’s your net worth and how much do you spend on a regular basis? List your assets and debts, then figure out how much money is coming into the household and how much is going out. You most likely will need to make some changes.
Define your retirement goals. It’s much easier to reach goals, if you know what they are. Do you need $1 million to retire and continue your current lifestyle? You may need to consider shrinking your spending, extend your working years or shift your retirement expectations.