July 18, 2024

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Gen X retirement: Confidence lags boomers and millennials

2 min read

The cohort once derided as the “slacker generation” is about to start heading into retirement, and many Gen Xers aren’t feeling so optimistic about it after not doing as much to get ready.

Only 62% of Gen Xers feel confident about “being able to financially support all the things they want to do in life,” according to Allianz Life Insurance’s 2024 annual retirement study. That’s well below baby boomers (82%) and millennials (77%).

To be sure, the simple fact that Gen X is getting closer to retirement can cause more anxiety. Having been born between the mid-1960s to early 1980s, the oldest of the generation is just a handful of years away.

“Gen Xers are reaching crunch time for retirement planning,” Kelly LaVigne, vice president of consumer insights as Allianz Life, said in a statement. “For Gen Xers, retirement is no longer this far off idea. That can feel stressful, but by preparing now, they can create a strategy that will help them seek their ideal retirement.”

Meanwhile, many boomers are already enjoying retirement and have less planning to do, and millennials have more time to get ready.

But they still have reasons worry as high inflation has eroded the fixed incomes that many boomers rely on. In fact, many boomers are “unretiring,” largely due to the rising cost of living. And for millennials, heavy student loan debts and high mortgages rates have delayed key financial milestones in their lives. That makes Gen X’s gloomier attitude extra notable.

A leading concern among Gen Xers is lack of savings, with 55% saying they wish they had saved more. Among that regretful group, the main obstacles to saving that they cited were daily expenses, credit card debt, and housing debt.

But the Allianz survey also revealed that Gen X lagged the other generations in taking key steps to prepare for retirement.

Only 35% of Gen Xers are currently working with a financial professional, compared to 46% of millennials and…

Jason Ma

2024-06-16 17:27:19

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