A recent study by Investopedia found that Generation X’s biggest worry is retirement. The survey found that although many members of Gen X feel like they understand their finances, they are still concerned about transitioning into retirement. Nearly one in four Gen Xers are not sure when, or even if, they will be able to retire.
These findings mean that even if Gen X feels like they know what they need to do, they aren’t sure how they will get there. You may be feeling the same way yourself, so don’t worry; you’re not alone.
Most members of Gen X expect to support themselves by utilizing Social Security and/or 401(k) plans, but there is a concern that Social Security may not cover as much as was promised by the time retirement is a reality for Gen X. This is also concerning for many members of this generation who maybe hit a road bump in their retirement savings journey and planned to lean on Social Security to help them achieve their retirement.
Overall, retirement is about finding consistent ways to minimize and cover your expenses and replace that paycheck. Even if you were careful with your finances, you may still feel like you have not saved enough to stop working. So, what can you do? How do you know if you have enough?
Firstly, try to budget as accurately as you can for what you think your expenses will be in retirement. This can at least give you a sense of how much you’ll need month to month, and it will give you something to compare to your savings.
Research income generation tools and strategies. You may realize that, while not ideal or risk-free, there are options out there that can provide you with the amount of stable income needed to achieve the retirement you’re working hard to establish.
Lastly, but important still, talk to a financial professional. Retirement is a huge topic with so many technical terms and surprising pitfalls that it can be helpful to have someone guide you through the process. You might be surprised to learn that retirement isn’t just about hitting a wealth goal or maximizing your annual income. There are plenty of ways to cover your expenses; it just depends on having the right strategy to guide you.
By talking with a financial professional, you may find that you’re more prepared than you thought for retirement. You may even walk away with a strategy for how to improve your financial trajectory. If you’re a member of Gen X who’s concerned about retirement, feel free to reach out to us at (540) 720-5656.
Sources:
https://www.investopedia.com/generation-x-all-eyes-on-retirement-5224396
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.