According to the results of a recent survey, members of Generation Allianz Life.
In the company’s annual 2024 retirement study, respondents said 62% of Gen %, and the proportion of Millennials is 77%. But more than half of Gen
“Gen X is at a critical juncture in retirement planning. Retirement is no longer a distant thought for Gen Helping them pursue their ideal retirement,” Kelly LaVigne, vice president of consumer insights at Allianz Life, said in the report. “The good news is that it’s never too late to prepare for retirement. You can wish to start sooner, but you can never wish to wait longer.
The most common actions this group takes to achieve long-term financial goals are paying down debt (64%), building an emergency fund (58%), and making choices aimed at achieving substantial improvements in their credit scores (55%).
But high costs also prevent many Gen Xers from saving more for retirement. They said “spending on daily necessities (61%), credit card debt (40%) and housing debt (39%)” were the top culprits that prevented them from increasing their savings.
“Overall, increasing your savings is the foundation of retirement,” adds Lavigne. “However, Gen
“A sound retirement income strategy will help utilize your assets efficiently and cover risks that could cause you to spend your savings sooner than expected. You need to make sure your money will last.
Research has found that few Gen Xers implement long-term plans, despite the different outcomes they can bring. Only 35% of Gen X respondents said they use the services of a financial professional, compared with 46% of Millennials and more than half of Baby Boomers. But it turns out Gen Xers are also thinking about retirement more than before.
“Nearly two-thirds (63%) say one of their top three goals over the next five years is to save enough money and have a comfortable retirement plan,” the report states. “This is up from 56% in 2023. % increase. Asian/Asian American Gen explain.
Older members of Generation X are getting closer to retirement age. Most researchers agree that this generation began around the mid-1960s, and that people born in 1965 will turn 59 in 2024.
While most members of this group are too young to qualify for a Home Equity Conversion Mortgage (HECM) federal housing administration Several leading reverse mortgage lenders offer proprietary reverse mortgages, and in some states, the qualifying borrowing age can be as low as 55, the FHA said.
