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UniSuper’s Derek Gascoigne says many Gen X feel like they’ve ‘missed the boat’, with half feeling unprepared for retirement. (Source: Getty\/UniSuper) <\/p>\n UniSuper’s Derek Gascoigne says many Gen X feel like they’ve ‘missed the boat’, with half feeling unprepared for retirement. (Source: Getty\/UniSuper) <\/p>\n
The first wave of Gen Xers are about to hit retirement and they are facing a very different set of circumstances<\/a> from the generations that came before them. Despite holding the most wealth in property<\/a> and shares of any generation, half of Gen Xers have admitted they don\u2019t feel financially prepared for their golden years ahead.<\/p>\n Born between 1965 and 1980, the oldest members of the five million-strong cohort are now entering their 60s. This means they have reached their \u201cpreservation age\u201d, which is when their superannuation can be accessed<\/a> if they are no longer working.<\/p>\n UniSuper advice manager Derek Gascoigne, a member of Gen X himself, told Yahoo Finance the national conversation around retirement had largely been Baby Boomer-focused<\/a>, leaving the issues facing Gen X \u201csomewhat invisible\u201d.<\/p>\n RELATED<\/strong><\/p>\n \u201cYou\u2019ve got higher living costs, you\u2019ve got non-linear career journeys with people changing careers and it\u2019s not just a job for life,\u201d he said.<\/p>\n \u201cThe financial pressures that are facing the generations following Gen X are to some extent the problem for Gen X because they\u2019ve got younger and adult children trying to get into the housing market, looking to the Bank of Mum and Dad<\/a> for support.<\/p>\n \u201cThen you\u2019ve got aging parents<\/a>, many of whom didn\u2019t get to accrue wealth outside of property in a lot of cases.\u201d<\/p>\n There\u2019s also the looming intergenerational wealth transfer<\/a>, with Baby Boomers set to leave younger generations $5.4 trillion over the coming decades.<\/p>\n Gascoigne said these shifting environmental factors meant Gen X were entering retirement with \u201cway more complexity\u201d than previous generations.<\/p>\n \u201cBoomers will no doubt argue the toss on that,\u201d he said.<\/p>\n Do you have a story to share? <\/strong>Contact tamika.seeto@yahooinc.com<\/strong><\/a><\/p>\n Gen X worried about retirement <\/p>\n UniSuper research found that half of Gen X believed they were not financially prepared for retirement<\/a>. The biggest worry was not having enough savings to live the kind of retirement they wanted.<\/p>\n The average Gen X super balance is below where it needs to be to achieve a comfortable retirement<\/a>, with UniSuper finding more than two-thirds have less than $500,000.<\/p>\n At 67, ASFA estimates<\/a> homeowners would need $630,000 as a single and $730,000 as a couple to achieve a comfortable retirement. To achieve that, you’d need $296,000 at 50, $377,000 at 55, and $469,000 by 60.<\/p>\n By contrast, the average account balance for the 50 to 54 age group is $222,491, while the median is lower at $147,857.<\/p>\n For those between 55 and 59, the median is $169,146.<\/p>\n Gen X will be the first to retire with a lifetime of super earnings, with the compulsory guarantee beginning in 1992.<\/p>\n However, it was initially set at between 3 to 4 per cent of wages, before slowly increasing to the current 12 per cent<\/a>.<\/p>\n How to ‘supercharge’ your super ahead of retirement <\/p>\n Gascoigne is already seeing clear patterns emerge among Gen X approaching retirement, with many feeling like they\u2019ve \u201cmissed the boat\u201d.<\/p>\n But he said there was still a meaningful runway to improve retirement incomes, with different opportunities available that haven\u2019t existed for previous generations.<\/p>\n Above the \u201cbasics\u201d of making additional contributions, such as through pre-tax or salary sacrifice, Gascoigne said people could \u201csupercharge\u201d this with carry forward concessional contributions<\/a>.<\/p>\n You can carry forward unused cap amounts from up to five previous years, provided you have a super balance of less than $500,000.<\/p>\n Gascoigne said this could be helpful for people who have been focusing on paying down their mortgage in previous years, or those with lower balances wanting to play “catch up\u201d.<\/p>\n Another strategy to consider is downsizer super contributions<\/a>, where you can contribute up to $300,000 from the sale of your home into your super fund if you are 55 years or older.<\/p>\n \u201cIt might be a little bit soon for Gen X to start kicking the kids out of the house and selling and releasing capital. But it could be something as [kids] turn 30 and children start to flee the nest, they start looking at,\u201d he said.<\/p>\n Gascoigne recommended people seek out advice tailored to their personal circumstances.<\/p>\n Get the latest Yahoo Finance news – follow us on <\/strong>Facebook<\/strong><\/a>, <\/strong>LinkedIn<\/strong><\/a> and <\/strong>Instagram<\/strong><\/a>.<\/strong><\/p>\n