RETIREMENT PLANNING OF GEN XERS
The Generation X, the people born between 1965 and 1980, has a different perspective when it comes to retirement planning. For them, golden year marks an evolution in another field, not taking care of their family or living in a warm-weather climate.
Retirement 2.0, a study by Ameriprise Financial, Inc., surveyed more than 1,500 Gen Xers to determine their feelings, ideas, and relationship to retirement. The findings showed 73% of them intends to continue working in retirement. But they want to take on a more meaningful job. 46% of them plans to remain employed for five to ten years. Although most Gen Xers like their current position, they are not satisfied with their career. Preparing for another chapter in their lives, Gen Xers prefer a part-time job, consulting, owning a business, or having a seasonal position.
On an average, a Gen Xer begins planning for retirement at age 26. 42% of them anticipate the 401(k) plan as their main source of income during their golden years, 29% on IRAs or personal investments, 14% on pensions, and 5% on Social Security.
They look forward to a retirement that is more physically active and intellectually stimulating. The top items for their own retirement include travel (80%), relaxation (64%), staying in shape (50%), and pursuing hobbies (50%). Less than half of the Gen Xers see themselves embarking on a significant volunteer work (36%).
Generation X people have retirement worries like other generations, with 75% concerned about the rising healthcare cost. 63% are worried about the cost of long-term care, and 60% cannot put their finger on Medicare or Social Security.
Despite these concerns, most of Gen Xers are confident they are on course to meet their financial goals for retirement. To prepare for this phase, 77% save enough money to afford the lifestyle they want, 64% invest to generate additional income, 21% establish professional or social contacts, and 14% keep themselves abreast of the topics that interest them.
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