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“Retirement Preparedness” Is a Growing Concern for Gen Xers
With all this chatter about Social Security’s long-term solvency, and with concerns ranging from reduced benefits to no benefits at all, it’s no wonder that younger workers are developing bleak perspectives on how comfortable their “golden years” will be. Fueling this growing concern is the simple fact that, based on the results of a recent Transamerica survey, there is a serious disconnect between current retirement savings and projected financial needs. As a result, 40% of one particular demographic group–those born between 1965 and 1980 and labeled “Generation X,” now feels that they will not be able to afford the type of retirement lifestyle they’d like to have. This was highlighted in BlackRock’s 2024 Read on Retirement report, and is the subject of an article by CFA Amy C. Arnott posted on morningstar.com’s retirement page.
Ms. Arnott’s article provides a series of strategic moves Gen Xers can take to bolster their financial position in advance of retirement, all aimed as “catch-up” strategies to help prepare. Check out her article here.