Retirement is a goal or a dream for most workers starting from their first job. The one thing I would like to do when I retire is to travel the world. Yet, I am not ready financially for retirement like many of my fellow Gen Xers. The Great Recession that lasted from 2007 to 2009 negatively affected our retirement plans, especially our 401k plans. Soon I will turn 50 years old and saving for retirement is my greatest financial priority right now. I need more financial education and advising.
This infographic shows the results of a study done on retirement plans of Gen Xers. Based on the results, one of the recommendations made to Gen Xers was to evaluate their financial situation. Calculate their retirement savings needs and write a plan. Take advantage of the matching employer contributions if one is offered. Finally, start a conversation with family and friends about retirement expectations.
Saving money is a necessity for all generations. Gen Xers are fast approaching retirement age and have very few years to save a sizable nest egg. I, for one, do not have a retirement plan that will allow me to follow my dream. The only thing I can do now is to follow the recommendations.