If you were born between 1965 and 1980, you are part of Generation X. This is the generation that will out-earn their parents and inherit generational wealth from their Silent Generation and older Baby Boomer parents. Congratulations!
However, there are few unsettling trends that we want to make you aware of — and how to avoid these pitfalls.
According to a report from Greenwald Research and the Society of Actuaries, one-third of Gen Xers were laid off or subjected to a pay cut during the pandemic. (This was also true for 40 percent of Millennials, but only 21 percent of Baby Boomers.)
By the end of 2020, 13 million Gen Xers could not pay their monthly bills on time.
And, this generation has mounting consumer debt, college debt for their children, and finding themselves stressed by supporting their aging parents — financially and emotionally. As a matter of fact, Northwestern Mutual reports that this generation has the highest debt as a group in American history.
And if these facts weren’t bad enough, only 14 percent are very confident that they have enough money saved for retirement.
So here are 10 financial planning moves you need to do now as a Gen Xer.
The “Fab Five Financial Issues” of your money
- Make it
- Keep it
- Enhance it
- Protect it
- Transfer it
10 things every Gen Xer must do — now!
And finally, as a Gen Xer, you still have enough time to truly change for the better the direction of your retirement and financial outcome. These are your pillars: