Caught between the Baby Boomers and the Millennials, Generation X is fewer in numbers. They have matured beyond their slacker reputations, and many of them are dealing with young children, elderly parents, and stressful jobs.
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Add to that the fact that the first of them have now entered their 6th decade of life, their 50s. In short, Gen Xers are worried. Retirement seems to be sneaking toward them, and they don’t feel prepared.
For one reason, economic conditions hit them particularly hard. Just as this generation entered adulthood came the 1990s recession. Then, as they entered their 40s (their supposed peak earning years) the Great Recession took hold.
Gen Xers lost more than any other generation, according to Pew Research, with about 45% of their overall net worth drained within 4 short years. And now, as they begin to think seriously about retirement, healthcare costs are likely to increase from the currently expected $250,000 per couple during their retirement years, according to Fidelity.
Preparing for retirement amidst this kind of turmoil is challenging, to say the least.
Financial services firms are realizing that, too, and some are taking steps to address them as a group. Global PR firm Weber Shandwick brought the issues facing Gen X to light in a research report, Leveraging the Gen X Retirement Market: From Overlooked to Opportunity.