Generation X is an expression used to describe the generation that succeeds the Baby Boomers. Born approximately between 1964 and 1980, Generation X are now largely in their 30’s and 40’s.
This generation grew up in a very different world than previous generations. Their new world included an era of rapidly emerging technology and political and institutional inefficiencies. This combination, along with dual working parents and a rise in divorce rates, have resulted in a generation of independent, resourceful and self-reliant adults. They are more ethnically diverse and better educated than the generation before them.
However, this self-sufficient group may have a long financial journey ahead of them before they can consider retirement. It is no shock that Generation X may not have the benefits of the previous generation. Long gone are the days of pensions, strong economic growth and the certainty of social security. This generation will also have to deal with longer life spans and higher medical bills.
Here are a few creative options to consider when planning your retirement future:
- Improve On Your Health – choose a healthy diet and exercise routine necessary to keep you fit in your later years. This may help save you on expensive medical bills and improve your quality of life.
- Reduce Expenses – by cutting unnecessary spending and increasing your savings which can provide you with financial freedom in later years.
- Start Saving Now – time is still on your side. Take advantage of compound interest and maximize your contributions to your 401(k) plan.
- Extend Working Years – this may help you avoid taking early distributions and draining your retirement accounts too soon.
- Get Expert Advice – a financial advisor can help you plan and make decisions based on you individual needs.
So Gen Xers, get started today using your resourcefulness and the take necessary steps to improve your rewarding and enjoyable financial future.
Answers from AZ