Those in Gen-X are likely to be entering some of their highest earning years, and you may be among them. And while it can be very exciting to finally be able to set up the comfortable life you’ve always dreamed of, there are other aspects to wealth that you probably haven’t thought about. For example, do you know how you’re going to afford a 15-year retirement?
Fifteen years may seem like a lot, but the average life expectancy for folks in America is roughly 80 years.[1] If you retire at 67, that’s a long time to go without income. And you may be thinking that you can live off Social Security, but Social Security doesn’t pay very much! The average Social Security check in America in 2023 was around $1,700.[2] Would that be enough to pay your mortgage and also cover your daily expenses? Would it be enough to travel the world and have an exciting retirement? Probably not, even if you were really careful about how you were spending.
Even if you’re paying into a 401(k), you should still consider what your financial situation will be when you retire. Depending on your goals, even a 401(k) might not necessarily be enough to carry you through retirement.
So, what can you do to help yourself prepare for retirement? Consider a financial professional. They’ll know what all of your 401(k) paperwork means. They’ll be able to understand your financial situation and offer advice that will help you avoid big retirement mistakes. They can help you design a retirement that works for you.
If you’re the kind of person who wants to live small and spend time with your grandkids, they can show you how to reach that goal. Or if you’re someone who wants something new every week of your retirement–new food, a new show, a new movie, or a new place–they can work with you and your finances to create a plan for that.
Retirement is an intricate web of financial decisions and events that requires careful planning to create properly. If you are in Gen-X and you’re worried about your retirement savings, consider reaching out to one of our professionals today for a complimentary review of your finances. We can help you plan for the life you want to live.
