Posted on 07/09/2024 3:40:08 PM PDT by Libloather
Gen Xers are edging closer to retirement age and realizing that their 401(K) won't go the distance, an alarming report shows.
A survey reveals that 55-year-old Americans have typically saved less than $50,000 for their pension — far below the $446,565 that's recommended at this stage.
Nearly a quarter of them expect to be cash-strapped and plan to turn to their children for support.
More than a fifth said they'd likely need to move in to their kids' spare room or basement as a 'silver squatter.'
Prudential, a finance group, surveyed the oldest members of Generation X, or people born between 1965 and 1980.
They are now entering their pre-retirement years, giving them about a decade to bank more savings before waving goodbye to their workplaces for good.
Many are worried about Social Security cutbacks eroding what's left of America's safety net.
Caroline Feeney, CEO of Prudential's US Businesses, said many 55-year-old women had 'especially precarious' finances as they entered the 'critical 10-year countdown to retirement.'
She urged Gen Xers to look at their 401(K) and rethink plans so they're able 'to live not only longer, but better.'
The rule of thumb for 55-year-olds is to have about eight times their annual salary saved in their retirement accounts.
Instead, the median savings are $47,950.
Only one in five 55-year-olds have saved the recommended $447,000 or more, researchers found.
Many say they've struggled to put money aside throughout their careers thanks to the dot-com bubble burst, the housing crisis, the global pandemic, and surging inflation.
(Excerpt) Read more at dailymail.co.uk ...
Nothing wrong with extended families living under one roof, it used to be the norm.
Yikes.
A wrench in this plan is the Gen Xer’s kids can’t afford it, either.
I’m in this group. My 3 kids are 20-28 yrs old. There’s no way they could buy a house today [I live in LA], let alone one with spare bedrooms.
There is the opposite way ala “Why Wait Until Uncle Kevin Dies?”
https://www.imdb.com/title/tt0598248/
Cash in early for keeps.....
Umm....the people making this fearporn article probably don’t realize most gen xers (men, anyways) aren’t really planning to ever fully retire, if retire at all.
One of my sons loves to watch The Waltons.
“$446,565”
That’s the recommended amount?!
I’m in the poorest metropolitan area in the nation and you’d need to plan on dying young to retire on that.
And just what is wrong with that?
> Nothing wrong with extended families living under one roof, it used to be the norm. <
Yes, indeed. And grandparents would help watch over their grandchildren.
But, boy howdy. If one member of the extended family would have a beef with another member of the extended family, then sparks would fly. Dinner time would be conflict time. “You were wrong about that thing five years ago.”
That’s what happened in my family - solved by half the family moving out. Sad, actually.
Side note: I grew up in an Hungarian-American family. Long-term grudges seem to be an ethnic trait. Looking back, I’m surprised things stayed so peaceful for so long.
I surmised the $500K savings was the target for age 55.
Correct
If these GenX’ers bought a home in the 80’s with 12% interest (low gain), suffered a loss during 2008, stagnated under Obama or lost a decent amount during Covid, then they are in tough shape.
And yet people expect to retire and not need to work.
I have three spare bedrooms. I’m considering renting them out to redheads, strippers, or girls named Tiffany.
They’re NOT “squatters”!!!!!!!!!!!!!
The media disgusts me, trying to legitimize terms like squatters by applying it inappropriately.
In times past, extended family lived together. It benefits EVERYONE.
This used to be completely normal and was seen as a benefit for both parties. The grands could help take care of the kids and the house and be able to live well and comfortably and have ready caretakers. Satan wanted this arrangement, which strengthened families, to end.
You do realize that is the no-go zone on the crazy hot matrix scale.
https://www.youtube.com/watch?v=pInk1rV2VEg
That age group has been hammered by Jim Crow 2.0 anti-white laws, timing of downturns, and the evil, skanky Karens. They are the canary in the coal mine.
that is correct! i will work till noon on the day i die
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