According to an Allianz Life study, folks in their 40s and 50s are the most concerned about their financial future compared to other generations.
But it's never too late to start saving more aggressively for long-term goals. In fact, Gen Xers are at the perfect age to do just that, says Barry Glassman, a certified financial planner and founder and president of
"Depending on where you can access dollars from, you might not need to generate the same amount that you are today," he says. "And I think that that is what stresses out a lot of people."For many Gen Xers, saving for retirement has been placed on the back burner as they juggle other expenses. Of those who regretted not saving more, 61% prioritized day-to-day necessities, with 40% focusing on paying down credit card debt.
"If I were to generalize about the different generations, the Gen Xers, I believe, were more fortunate in real estate gains," Glassman says. "Gen Xers who had purchased a home and then refinanced and refinanced over the years, they likely have greater real estate wealth and possibly not as much liquid or retirement wealth.". And while home equity doesn't show up in your 401 statement, it can be a valuable tool in retirement, Stein says.
"I'm in southern California, where property values are very valuable," Stein says. "And choosing to downsize to something that's more appropriate for a retiree, that can also open up a lot of wealth that can be invested and carry somebody through retirement."in place and aren't carrying any high-interest rate debt, they'd be wise to devote more of their available cash toward retirement savings, Stein says.
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