Gen Xers face retirement with a mix of careful planning and growing concerns. A recent survey found that 71% of Gen Xers are considering delaying their retirement in 2024, up from 65% in 2023. Nearly half (49%) said they worry about not having enough money for retirement.
It’s important to remember that retirement isn’t a one-size-fits-all journey. The traditional path followed by previous generations may not align with Gen Xers’ personal goals or changing life situations. While there’s a lot of retirement planning knowledge to be passed down, Gen Xers need advice specific to their unique financial challenges and dreams.
Gen Xers should shift their focus from simply saving money to strategically planning how to use their savings as they enter retirement. Given their comfort with technology, Gen Xers can add professional financial advice to their own knowledge to make informed choices about their personal financial goals and the best products to reach those goals. Annuities are attractive options for Gen Xers that are often overlooked.
A recent survey found that less than a quarter (19%) of Gen Xers own an annuity.
Retirement planning tailored for Gen Xers
Annuities can provide peace of mind by ensuring people won’t outlive their savings.
They act as a self-created pension-like income. They are also well-suited to handle inflation and stock market ups and downs—concerns many Gen Xers have. Gen Xers are highly encouraged to talk to a financial adviser before buying any financial product, such as annuities.
Financial advisers play a key role in ensuring that the products people invest in fit their financial needs. Yet, according to a study, only half of Gen Xers work with a financial adviser. For those looking for safety and certainty, a financial adviser can help set them on a path to guaranteed income and a less stressful retirement.
However, people must come prepared for any conversation with their financial adviser. Online tools like retirement savings calculators, budgeting tools, and investment tracking apps can give people the data they need to ask the right questions and ensure they and their financial adviser are on the same page. Retirement isn’t just a number: It means different things to different people.
By dealing with financial concerns now, Gen Xers can clarify their unique vision for retirement and set themselves on the path to achieving their ultimate goals.
