Study Finds That 1 in 10 Gen Xers Don’t Think They’ll Ever Be Able to Retire
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Oh, Gen X, the generation caught between the revolutionary boomers and the digitized millennials. But as cleverly pointed out by Clever, the real estate data company, it seems this generation is facing some cold hard facts about their golden years.
According to the recent Clever study, 56% of Generation X have saved less than $100,000 for their retirement. This contrasts sharply with the 55% who believe that over $500,000 is necessary for a comfortable retirement. Financial experts recommend a savings of $555,000, yet only 9% of Gen Xers have reached this milestone. Furthermore, 42% admit they’re unsure of how much they should have saved for retirement, and among them, 28% estimate that the magic number should be $1 million or more. Interestingly, despite these concerns, only 71% are actively saving for their retirement.
1. Regret is More Common than Vintage Band Tees
90% of Gen Xers have financial regrets, according to the study. To put that in context, imagine a 90s reunion concert where 9 out of 10 attendees secretly wish they’d stashed away more cash during the grunge era.
2. Longevity, But at What Price?
Here’s a curveball for you: 19% of Gen X isn’t even confident about hanging up their boots to retire by 80! And while a youthful spirit is commendable, it’s alarming that 53% can’t picture themselves chilling and enjoying their golden years by age 75. Who said retirement is just for the elderly?
3. The Never-Ending Hustle
The forever young sentiment might sound endearing, but it’s distressing when 11% of Gen Xers feel they’ll never retire. Dive deeper and you’ll find that a whopping 73% cite affordability as the buzzkill. And no, it’s not because they’re deeply in love with their office cubicles; only 4% claim they don’t want to retire.
4. The Ambitious 69%:
Sure, who wouldn’t want to retire by 65? 69% of Gen X does, but hopes can be dashed when only 37% think it’s actually in the cards.
5. Reality vs. Recommendation:
The Clever study cites Fidelity data that recommends $555,000 retirement figure, but only 9% of our Gen X pals have saved up that jackpot, according to the study. Despite sage advice to save 15% of monthly income, 64% of Gen Xers say they’re stowing away just 10% or less. Perhaps most startling? 20% haven’t tossed a dime into the retirement jar.
6. Financial Jenga
47% of Gen X feels like they’re playing a never-ending game of financial Jenga, trying to keep their finances from toppling over, according to the study. Basic necessities have sidetracked retirement savings for 35% of them.
7. Dark Clouds on the Horizon
Among our Gen X compatriots, 62% are biting their nails over outlasting their retirement stash. 68% might have to slice down their lifestyle, while 54% are losing sleep over post-retirement housing.
In a nutshell? The 90s might’ve been a time of rebellious spirit, unforgettable tunes, and a tech industry boom-bust cycle, but as far as retirement savings go, it seems the real crunch time is now. So, Gen X, maybe it’s time to rock that financial world and turn up the volume on those savings. After all, you’re the generation that taught us to think differently – now’s the moment to prove it, financially.