According to a study conducted by Investopedia, retirement is the top concern for Generation X. The survey revealed that even though many members of this generation consider themselves knowledgeable about their finances, they still worry about being prepared for retirement. Almost 25% of Gen X individuals are uncertain about their retirement plans and are not sure if and when they will be able to retire.[1]
The significance of these numbers lies in the fact that even though Gen X may have a general idea of what they should do to achieve the retirement they look forward to, they are uncertain about the methods they should use to achieve those goals. If you feel the same way, don’t be concerned because you’re not alone.
According to the study, many Gen X individuals anticipate relying on Social Security and/or 401(k) plans for their financial support in retirement. However, there is a growing worry that the Social Security funds may be unable to fulfill the total amount of benefits promised by the time most of Gen X expects to retire. This is especially troubling for those of Gen X who maybe experienced a financial roadblock and were counting on Social Security benefits to aid them during their retirement years.[2]
Even if you managed your finances prudently, you may still feel like you haven’t saved enough to retire. In such a situation, what measures can you take, and how do you know if you’ll have enough?
It is important to create a precise budget that accounts for all your expenses. This will enable you to have an idea of how much money you will need each month and allow you to compare it with your retirement savings.
It is advisable to read and learn about retirement and explore the various options available to you. The more you learn, the more confidence you will have about your retirement plan.
Ultimately, seeking the assistance of a financial professional can help illuminate the steps you need to take to hit your financial goals, and they can help you navigate the complex terminology and potential pitfalls associated with the transition to retirement.
By seeking a financial advisor, you may realize that you are better prepared for retirement than you initially thought, or they may help you come up with a plan to improve your financial situation. If you’re seeking professional advice for retirement planning, feel free to reach out to us today for a complimentary review of your financial situation.
