Baby boomers may just be the last generation to have had a smooth and financially secure retirement. For their children, most of whom are Generation X, retirement will not be as easy as it was for their parents. Up Next: Dave Ramsey Warns: This Common Habit Can Ruin Your Retirement For You: 6 Clever Ways To Pocket an Extra $1K This Month Cost of living, healthcare and housing prices are rising faster than wages — eroding savings and increasing reliance on credit, according to Natalia Brown, chief consumer ...

Core Insights - Generation X is facing significant challenges as they approach retirement, including high inflation, stock-market volatility, and potential insolvency of Social Security by 2033 or 2034. However, there is a prevailing optimism that these issues will be addressed by politicians [1][4]. Group 1: Retirement Planning Challenges - The book "Retirement Bites" emphasizes the need for Generation X to adopt smart saving strategies and make informed decisions about retirement timing, particularly due to the dismantling of the pension system [2][4]. - Many studies indicate that Generation X is unprepared for retirement, prompting the authors to create a guide specifically for this demographic [3]. Group 2: Social Security Considerations - The decision on when to claim Social Security is crucial, with options ranging from age 62 to 70, affecting the benefit amount received. Claiming at 62 results in the lowest payout, while delaying until 70 can yield an approximately 8% increase per year [5][6][7]. - Health and longevity are key factors in deciding when to claim Social Security, as individuals need to assess their health at age 60 to make an informed choice [6][8]. Group 3: Financial Planning and Debt Management - About 27% of retirees rely solely on Social Security, but most aim for a more comprehensive income strategy. Generation X should evaluate their total income and debt situation before deciding on Social Security claims [9][10]. - The presence of significant debt, such as student loans or credit card debt, may necessitate early claiming of Social Security to manage living costs effectively [11]. Group 4: Future Work Opportunities - The authors advocate for considering continued work as part of retirement planning, encouraging Generation X to reflect on their future and potential career paths [12][13]. - The message to Generation X is to pursue their interests and aspirations in retirement, emphasizing the importance of living life to the fullest after years of hard work [13].

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. The generation closest to the traditional retirement age may also need the most advice, according to two new surveys. It may not be surprising that a BankRate survey of more than 2,500 Americans found that more than half (58%) feel they are behind in their retirement savings either slightly (21%) or significantly (37%). What comes across more starkly is that Generation X, or people in the age ra ...

Trend Analysis - Survey analysis indicates cohorts are becoming more unhappy as they reach middle age [1] - Generation X and millennials are experiencing mid-life malaise earlier than boomers [1]