Retirement Planning for Gen X

Retirement Planning for Gen X (Age 44 to 59 in 2024)

Generation X is currently in their peak earning years, and in many instances, balancing the care of their children and parents. Many are using two primary resources as part of their care – time and money. And while retirement may seem years away for some, it is not too soon to begin purposefully planning for the next phase of life.  Retirement (or at least partial retirement).

Start your retirement planning with your advisor by focusing on answering the following questions:

  • When do I / we want to retire?
  • What income will I need?
  • What sources of income will I have?

With your thoughts on these questions in mind, along with a current copy of your social security statement and an understanding of your post-employment benefits such as a pension, your advisor can work with you to draft a plan.  Understanding how much money you’ll have to spend in retirement is another benefit of having a comprehensive retirement plan.

The plan will help you address other important questions that many of our clients have asked over time:

  • Will my spouse have enough to live on if I die before them?
  • Do we have a feasible risk management plan in the instance of an unexpected health event?
  • Will I need to work part-time to make ends meet or can I make adjustments to my spending?

A tailored retirement plan will be put together once your advisor has input from you. The plan will provide feedback on the feasibility of your retirement expectations and help you and your advisor make tradeoffs, if necessary.

A few other things you may want to do during this pre-retirement phase:

  • Think about what you’d like to do during retirement. With that in mind, you can start taking steps to set these plans in motion. For instance, if you plan to play tennis or golf with friends or join a book club, you can begin formulating a friend group with whom to do these things.
  • Understand what your healthcare options will be.
  • Determine where you’d like to live, or whether you’d like to live between locations. We have an entire section of our website focused on snowbirding / living in multiple locations:

If you don’t have a retirement plan in place, make your first step a call to your advisor to get the process started.


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