Posted on 04/16/2012 3:15:52 PM PDT by NormsRevenge
As kids, they sat on gas lines in the backs of their parents’ cars. As young adults, they saw the stock market crash, and when it finally came time to settle down, they bought a house at the peak of the housing bubble and then were faced with the worst economy since the Great Depression. It’s no shock that Generation X — those born from 1965 to 1981 — may get short changed in their golden years.
Though they’ve watched parents and grandparents nestled with pensions, Social Security and strong economic growth, these are no longer guarantees. On the other hand, longer life spans with more medical bills and greater need for cash are the reality for many.
Gen X is the first generation to deal with the fact that the models of American retirement are changing — and its members are flustered. The generation once called “slackers” has been true to form with retirement planning.
“Gen X is a transition generation,” says Carol O’Rourke, a certified financial planner and Executive Director for the Coalition for Debtor Education in New York City. “Gen Xers were young during the tech bubble, and when they came of age, housing was a lot more expensive. With all the talk about whether Social Security is going to survive, there is a sense of not having something to look forward to.”
According to a 2012 Insured Retirement Institute , IRI, report, only one-third of Gen Xers are "very confident" about having enough money to live comfortably during retirement, cover their medical expenses, and pay for their children’s higher education.
(Excerpt) Read more at finance.yahoo.com ...
>>As kids, they sat on gas lines in the backs of their parents’ cars.<<
Sorry for the slight thread drift, but my dad owned a gas station in those days and, as a youth, it was my lucky job to put the “last car” sign onto the last car we could take when we were about to run out of gas.
I also got to ask people to let me see their gas gauges to make sure they were below 1/2.
As for the point of the article, I’ll be working to 70 or 75, even with as good planning as I can do.
One last note: Anyone born after 1955 or so who thinks he/she will ever see a dime of SS is delusional. SS is a big zero in my retirement planning, assuming I live after I retire. My wife, OTOH, is unbelievably healthy, has great health habits and comes from a long-lived line. I am really planning for HER.
The 'In Debt We Trust' crowd waves as it ages away..
And the newest generation is worse.
Hubs & I have the 401k thingy going.
Excess disposable income goes toward freeze-drieds, heirloom seeds, ammo & other preps.
We trust, but verify (by making sure we can care for our damn selves.
This Gen Xer has no worries....Gen Y is the Occupy Asswipe group that needs a “talking to”.
>> The ‘In Debt We Trust’ crowd waves as it ages away..
I’m a boomer. I have no debt. I actually *enjoy* working (and it’s a good thing I do).
I do feel sympathy for the X-ers, but only a little. Many of them have expectations that far outstrip their abilities and work ethic.
The generations after X are *worse* in that regard. That’s a generalization of course, and there are many exceptions.
Agreed, as a Gen Xer I think we are realists, and unfortunate to be burned by the Baby Boomers and their selfishness and lack of accountability. It is the Gen Y’s that are totally useless.
I am speaking in generalities.
Agreed, as a Gen Xer I think we are realists, and unfortunate to be burned by the Baby Boomers and their selfishness and lack of accountability. It is the Gen Y’s that are totally useless.
I am speaking in generalities.
“According to a 2012 Insured Retirement Institute , IRI, report, only one-third of Gen Xers are “very confident” about having enough money to live comfortably during retirement,”
With inflation the way it is, and interest rates down to zero, saving money isn’t exactly worthwhile. I figured I’d just spend it all on guns and ammo now and wait for the country to collapse.
Cry me a river.
What's your monetary goal that when you've reached it you'll know you can retire? THe reason I'm asking is I was at the barber and the barber and a customer were talking about this very topic. They both agreed they needed at least a million and that assumes their homes are paid off.
No. We are 40 and were dealt a shitty hand by stupid voters the last 40 years.
/slight sarcasm off
Xer Ping
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
After Obama, Generations A through Z can kiss retirement good bye.
Thank God for my federal pension.
What are you talking about Gen X? Some of us Boomers are not retiring either.
Well there's little doubt that ObamaCare will fix the Social Security and Medicare funding problems quite rapidly. Certainly in a 10-15 year time frame.
Good question. How sure are you that you will earn 4 to 6% return on your investment? How long will you live?
Give this a go and be discouraged.
http://www.bankrate.com/calculators/retirement/retirement-plan-calculator.aspx
or this one
http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp
or this one
http://money.msn.com/retirement/retirement-calculator.aspx
Just search for “retirement planner” or calculator.
Many of the online retirement calculators are now just showing the savings rate required to achieve a certain nest egg and you put in the interest rate or rate of return on your investments. They are doing this because they don’t want the liability of somehow indicating that there is any certainty in the retirement assumptions.
The best plan is to work until you die. Good luck.
And enjoy it along the way, instead of waiting for the 'Golden Years'.
Well we have to pay for our parents cushy retirements.
And if we cared, we’d stop voting for big spending liberal Democrats.
First step to fixing a problem is admitting you have one and Gen X is in serious denial.
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