Generation X: the generation of Americans born in the 1960s and 1970s. I was born in 1969. I’m a Gen Xer, dude.
This article from DailyFinance has these tidbits about MY generation:
• 41 percent of Gen Xers have saved less than $100,000 for retirement.
• 15 percent have begun borrowing from Peter to pay Paul, siphoning funds out of their 401(k) plans ahead of retirement.
• 23 percent have stopped contributing to their retirement accounts altogether.
Granted, times haven’t been exactly easy on our generation. We suffered through the dot com bust and then the housing crisis. Those who were fortunate enough to not lose their jobs and were able to save money for retirement through the two crises, probably did alright (remember, it’s better to buy when prices are low).
The article goes on to list several of the causes of the poor numbers for Generation X. As the saying goes, it is what it is. I’m sure there are those who can’t afford to save a dime. However, I doubt this is the case for everyone. For those who can, I highly recommend starting yesterday. Prioritize. Put off buying stuff that’s not needed. Make it a goal to save $200 per month (NOTE: NOT including inflation, $200 per month over 20 years will grow to $181,000. No, it’s not a lot but it’s better than nothing. Don’t like that number? Save more.).
Oh, and pray for an inheritance. Good luck getting one from the Baby Boomers.