Generation X is Not Ready for Retirement
The so-called silver tsunami is cresting, as the last of the baby boomers enter retirement. Gen X, those born between 1965 and 1980, are next. According to an article by USA Today, this cohort is “woefully unprepared for their looming retirement.”
A survey by New York Life found that fewer than half of Generation X are “actively preparing for retirement.” Even more unsettling is the fact that 70 percent say they will retire “later than expected” or not at all. It seems a lot of Gen Xers have resigned themselves to the prospect that they will be “working forever.”
Much of their financial woes stem from the dot-com bubble burst and the Great Recession, which hit older generations the hardest. Gen X also entered the workforce as pensions were fading and many struggled to build their own retirement savings with 401(k) plans and IRAs. This illustrates the importance of resolving the Social Security solvency issue so that this crucial program is still fully funded when Gen X retires.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.
