Skip to comments.Retirement May Be Mission Impossible for Gen X (those born from 1965 to 1981)
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. Its no shock that Generation X those born from 1965 to 1981 may get short changed in their golden years.
Though theyve 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 ORourke, 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 childrens higher education.
(Excerpt) Read more at finance.yahoo.com ...
No sacr. Boomers are the abortion generation. Screamed for roe v wade. Now their progeny they didn’t murder, discovers you can get rid of inconveniences when they are old, too.
“They both agreed they needed at least a million and that assumes their homes are paid off.”
Those are my assumptions too.
If you think GenXers are undisciplined, get to know people born after 1990. Were screwed..
Is that even possible? Most of them have their nose buried in some electronic device, totally unaware of anything not in the screen they’re looking at.
That is what I am aiming for. I do not know if I will make it unless the economy grows and .gov quits raising taxes and taking control of my profession. I am a physician and have saved the max that was allowed in my IRA since age 26 and a 401K the past 10 years. But so far it does not look good to me.
#1 Gen-X did have to deal with the cold war. #2 thanks for electing Reagan, and Carter, and Nixon, and Ford. Oh lets not forget the asshats in the "Greatest Generation" that spent untold blood and treasure fighting communists/socialists then elected one as their king for four terms........
They certainly carried their cradle to grave welfare programs on to their baby boomer generation.........
You're also welcome; we're footing the bill.
And I also suppose the baby boomers can't complain too much about the mush-for-brains Gen Xers.........the baby boomers are the ones utilizing their tenure to fill the party line in the universities and schools.
Oh and one more thing.....you're right we don't have the draft; we have all volunteers and have been fighting wars on two fronts for the last ten years (and living with the same BS ROEs the commiecrats in Kongress foisted upon the Nam vets). Talk about whiners...........all the spoon fed baby boomers whining about the draft and having to do one tour. Volunteer for 4 tours then come talk to me....and we're whining?
The only entitlement I want is the opportunity to enjoy the fruits of my own labor instead of having it taxed into oblivion to pay for the "Great Society," social security and all the other government tit programs that became all the rage before I was ever able to step up to the ballot box.
Born in 62, DH in 58. We hope to semi retire at some point and only work 1/2. Totally stop working? I don’t see it happening at least until our 70s. And we have been contributing heavily to 401ks and DH has a pension. So it’s not like we haven’t tried. With the loss we took in the housing market and putting 3 kids through private college/grad school there isn’t much left beyond what we have managed to save. Taxes have taken the rest. And I imagine we are better off than most our age. I fear for my children born in the early 90’s.
I have to agree. Gen X’rs are probably the last generation that was born with a sense of reasonable morality and family values. The new gen is clueless as well as classless for the most part. Each gen has sucked off the teat of the last one and its come to this. I am grateful that my parents are both retired and living comfortably, and as their son I do enjoy the benefits of their love for me. I have no kids and can honestly say its probably for the best as I wont have a damn thing to leave them when im in my 80;’s bagging groceries at the local wal mart.
Do your kids a favor. Cut them loose. It is easily the best thing you can do for them.
If it is any consolation, NONE of us is likely to be able to ever retire.
And THAT is if we are lucky.
Gen X’ers are probably coming to the conclusion that there end will come pop pain pills for an untreated treatable illness, even if they have the funds for treatment or taking the state funded death injection.
How much sympathy will they have for later baby boomers?
Sorry, enjoy it while it lasts.
I’m Gen X and am more libertarian than ever. I hate the ponzi scam the boomers, the “greatest generation” et sl have forced on us.
thankfully, bambam and the rest of the DC gang came along and saved me from that nightmare...
if the jobs dont exist, i dont have to work...right ???
“With inflation the way it is, and interest rates down to zero, saving money isnt exactly worthwhile. I figured Id just spend it all on guns and ammo now and wait for the country to collapse.”
Bingo. When nobody important thinks continuing to pile on the debt’s going to be a problem, it certainly is, and hell to pay to those who think hard currency or stacked 401ks are somehow going to avoid the crunch. There is no point to having a million marks in your wheelbarrow.
suffice to say, they bought at the top of the housing market, have had to replace deck, furnace, roof,fridge plus other stuff....
they don't have two sticks to rub together let alone retirement savings...
I've urged one of them to go into govt work just for the health insurance and retirement....
If you don't have money to retire then the gubment will just take it from fat cats like stephen so you can buy some Mac-and Cheese and hot dogs. That is called ‘fairness’ and 'paying your fair share'.
SJB, how bout just goin ahead and payin my allowance, and cuttin out uncle bambam ??? fatcats like you dont *need* all that cash anyhow...bwahhaahaha