{"id":168044,"date":"2025-08-23T02:27:16","date_gmt":"2025-08-23T02:27:16","guid":{"rendered":"https:\/\/www.europesays.com\/us\/168044\/"},"modified":"2025-08-23T02:27:16","modified_gmt":"2025-08-23T02:27:16","slug":"70-of-gen-xers-say-they-cant-afford-to-retire-theyre-right-if-they-dont-do-these-8-things","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/168044\/","title":{"rendered":"70% of Gen Xers Say They Can\u2019t Afford To Retire \u2014 They\u2019re Right If They Don\u2019t Do These 8 Things"},"content":{"rendered":"\n

It\u2019s a good thing Gen Xers are considered so scrappy \u2014 according to one Lending Tree survey<\/a>, 70% of them will need all the help they can get to be able to retire<\/a>.<\/p>\n

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\u201cOne of the hard realities of the latchkey generation is that many of us are grappling with aging parents while also caring for our own children,\u201d said Tansley Stearns, president and CEO at Community Financial Credit Union<\/a> in Michigan. \u201cThis, combined with inflation and other rising expenses, can create pressure and may lead to taking on debt to address the financial burden within our households.\u201d<\/p>\n

While some of those survey respondents may have been speaking out of anxiety, based on Stearns\u2019 insight and more, it\u2019s true that some Gen Xers are going to have trouble retiring if they don\u2019t do the following eight things, according to experts<\/a>.<\/p>\n

Gen Xers making two key mistakes, according to Tyler Meyer, CFP and founder of RetireToAbundance.com<\/a>. They\u2019re avoiding reality and trying to copy someone else\u2019s retirement blueprint.<\/p>\n

He finds that many Gen Xers are chasing a \u201cmagic number\u201d they read online without factoring in their own cost of living, health and goals.<\/p>\n

Another common issue is lifestyle inflation<\/a>, \u201cwhere extra income goes toward bigger cars, homes and vacations at the very stage when savings should be getting the largest boost,\u201d he explained.<\/p>\n

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If you feel behind, however, don\u2019t think of retirement as an all-or-nothing finish line, Meyer said. For many people, retirement may look like a blend of part-time work or flexible work with investment income instead of a complete stop. \u201cThat shift in thinking instantly lowers the savings target and opens up more possibilities,\u201d he said.<\/p>\n

If you feel you missed your window, don\u2019t forget that you still have the ability to make catch-up contributions to tax advantaged retirement accounts.<\/p>\n

For those with access to a 401(k), the age 50 and up catch-up provision<\/a> is one of the fastest ways to close the gap, Meyer said. This means you can add an additional $7,500 per year to the existing cap of $23,500. For the self-employed, Solo 401(k) plans and SEP IRAs allow much higher limits than traditional IRAs and are often underutilized.<\/p>\n

If Gen Xers find themselves with high-interest debt while they\u2019re saving for retirement, particularly in the \u201ccurrent economic climate,\u201d Meyer urged paying down the high-interest debt first while still contributing just enough to capture any employer match.<\/p>\n

Story Continues <\/p>\n

\u201cEvery missed year of contributions is one that cannot be recovered,\u201d he warned.<\/p>\n

On the lifestyle side, Meyer encourages Gen Xers to think in terms of \u201cadding income rather than only cutting expenses.\u201d He\u2019s seen others develop a hobby or skill before retirement with the intent of monetizing it later, to create both purpose and income in retirement.<\/p>\n

\u201cI have seen clients successfully turn interests such as woodworking, photography, fishing and gardening into steady income streams,\u201d he said.<\/p>\n

It\u2019s easy to judge yourself harshly for not being more prepared for retirement<\/a>, but according to Stearns, it\u2019s more useful to \u201crealize you\u2019re not alone.\u201d\u00a0She pointed out that Gen X has now surpassed baby boomers as the generation with the most credit card debt, with an individual balance of $9,557 on average, according to Experian.<\/p>\n

\u201cThe most important thing is to start. With the right support and a clear plan, Gen X can rewrite the narrative on debt,\u201d she said.<\/p>\n

Stearns believes that finding a financial partner who will walk you through this process is the best approach. She is partial to credit unions, which she sees as \u201cfinancial partners,\u201d though she may be biased, as president of one.<\/p>\n

Many credit unions provide financial coaches who will sit down with you at no cost and work with you to create a workable retirement plan, she said.<\/p>\n

Stearns recommended a simple three-step approach for Gen Xers who are feeling nervous or overwhelmed about affording retirement.<\/p>\n