Generation X is known for many things, but are they known for adequate retirement savings planning?

The answer, sadly, is no. Generation X doesn’t seem to get as much attention as the millennials when it comes to retirement savings planning, but that doesn’t mean there aren’t issues.

According to recent studies, Generation X has more debt and fewer retirement savings planning. A study by the Transamerica Center for Retirement Studies shows that Gen X has about $66,000 in savings and only 14% are confident they can retire.

They also are less likely to have done retirement savings planning to fix this issue.

Generation X also is more likely to have credit card debt and spends more money on non-essentials. Adding to the pain? They also generally aren’t good savers.

Generation X is nearing retirement, too, with ages ranging from their late 30s to early 50s (born from 1965-1980). Also, this generation has faced the unique challenge of caring for aging parents while raising young children, and their house values and retirement savings portfolios took a hit in the Great Recession (although many people recovered those losses).

Still, most people consider retirement in their mid-60s, which Gen X is fast approaching. Time is of the essence.

Can Generation X catch up with retirement savings planning?

So, what can this generation do? For some, it isn’t too late to begin an aggressive savings plan. Cutting expenses is also something that needs to happen, as this generation ages.

Generation X needs to pay down credit card and other debt, cut spending and begin a firm savings plan – and now. It isn’t too late! Setting up an alternate income stream is another possibility, aka the “side hustle.”

Creating a firm and workable retirement savings planning is key.

There is help available.

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If you have other questions about retirement plan loans, email us or call 937.308.0758.