(VitalNews.org) – The oldest people in Generation X are turning fifty-nine this month, which is the earliest age that workers can start taking out retirement assets without penalty. However, many Gen Xers have said that they are not prepared for their retirement years and that it would take a “miracle” for them to be able to retire.
Generation X consists of those who were born between 1965 and 1980, and they are the first generation of workers to come of age with 401(k) plans as their primary retirement means. However, doing it this way can put immense pressure on people to figure out how much to save and how or when to withdraw their money, as well as making sure it transfers between jobs.
The average amount of retirement money for a Gen X household is about one hundred and fifty thousand dollars, but the amount that Americans state they need to retire comfortably is one and a half million dollars.
The executive director of the Natixis Center for Investor Insight, Dave Goodsell, has said that Gen X is the Jan Brady of generations. “They were the kids left alone after school, and they are kind of on their own in retirement too,” Goodsell said.
The study found that one in five Gen Xers worry that they won’t be able to afford to take a step back from working even if they were able to save one million dollars. This would still require them to go back to work after they’ve used up their retirement.
Gen X households, according to The National Institute on Retirement Security, have forty thousand in savings for a private retirement plan, but about forty percent of the group haven’t saved anything for their retirement.
Many of the people from this generation have stated that they would be ready to retire at sixty years old and that they believe their investments would last twenty years, which is a longer time than others have experienced. Goodsell also noted that almost fifty percent of people in the survey stopped thinking about retirement altogether.
Copyright 2024, VitalNews.org
