Gen Xers Are Facing Challenges As They Get Ready for Retirement

Group 1 - Generation X, born between 1965 and 1980, is currently aged between 45 and 60, with some nearing retirement while others have about two decades left in the workforce [1] - A recent study from Allianz Life Insurance indicates that Generation X is facing significant challenges in achieving retirement readiness, particularly during their prime saving and investing years [2] - Only 19% of Generation X believes it is a good time to invest in the stock market, and 54% are concerned about an impending market crash [4] Group 2 - The fear of investing in the stock market poses a challenge for Generation X, especially for younger members who need equity exposure to benefit from compound growth [5] - Ongoing inflation has made it difficult for 70% of Generation X to contribute to their savings, as inflation rates have surged above the 2% target in the post-pandemic era [6] - Social Security benefits replace only about 40% of pre-retirement income, highlighting the need for Generation X to find ways to grow their retirement plans [7] Group 3 - To address retirement saving challenges, Generation X should consider investing some of their money into equities despite fears of a market crash [8]