Bad news my fellow Gen-X’ers!
During the “Great Recession” our retirement savings took a massive hit (even worse than our Baby Booming parents), many of us are unemployed or underemployed, and our homes (those of us who owned them) have lost a lot of their value. This according to CNNMoney. Never mind the fact that we’re dealing with high debt levels that include mortgages, auto loans, credit cards and student loan debt.
And now, those up-and-coming Gen-Y kids are coming after our jobs . . . well, enough about them already. At least time is still on our side, right?
Not so fast. “Including Social Security benefits, Gen X’ers are projected to have enough money in retirement to replace only half of their annual pre-retirement earnings.” The typical recommendation is 70% to 100%.
Whatchyou talkin’ ‘bout Willis?
Well, as Diana Elliott of Pew’s economic mobility project says: “Unless this path is altered… Gen Xers may face a real possibility of downward mobility in their Golden Years.” What’s that mean in “normal people” terms?
Glad you asked. Simply put, we’re either going to have to find ways to boost our retirement savings, work longer (assuming we can) or live on less when we reach retirement age. I don’t know about you, but I think the first option sounds like the most realistic and enjoyable.
So here’s my challenge, fellow Gen-X’ers: Do something about it! Change your course and get moving in a direction that has you not just having a retirement, but enjoying your retirement with comfort and peace of mind.
Of course, I don’t expect you to do it alone. Get the trustworthy advice and guidance of ClearFuture Financial, available through CFS* at 3Rivers. Trust me, these guys know their stuff AND they care about your future. Set up your complimentary, no obligation appointment today to see what they can do for you.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members. ClearFuture Financial is a trade name for the investment & insurance products available at 3Rivers Federal Credit Union.