Several big reports about the retirement prospects of Generation X have been published this week, and while there are some positive findings to share, the overall outlook is pretty grim.
One report, published by Allianz Life, finds that concerns about market volatility and inflation are putting long-term financial security at risk for Gen X. A report from the Certified Financial Planner Board of Standards likewise finds many members of Gen X feel they have made mistakes in the effort to prepare for life after work, and their message to younger generations is simple: Save early and save often.
Kelly LaVigne, vice president of consumer insights at Allianz Life, said in a statement that Gen X still has time to get serious about what they would like their life to look like after retirement. Older members of the generation can already take advantage of higher catch-up contributions, she notes, and many have accumulated substantial savings in 401(k) plans and individual retirement accounts.
“Now is the time for Gen X to really put pen to paper and create a long-term financial strategy for retirement,” LaVigne said. “A financial professional can help develop a strategy that can address concerns about risks like inflation and limited savings. By outlining where you are going in your financial journey, this can help boost your confidence in your ability to get there.”
CFP Board CEO Kevin Keller shared a similar message.
“Gen X shows how early money choices echo for decades,” he said. “Young adults can learn from that history and shape a future of greater financial freedom with the right professional advice.”
See the slideshow for a collection of telling findings about Gen X’s retirement prospects drawn from the new reports.
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