With retirement on the horizon, Gen X faces a mix of economic pressures, rising costs and shifting family demands. Financial experts said several overlooked factors, not just one, could threaten Gen X’s ability to retire comfortably, and the biggest risks may not be the ones Gen X expects. Here are some of the biggest threats to Gen X’s retirement savings. Learn More: This ‘Boring’ Investment Could Be the Secret To Never Running Out of Retirement Income Read Next: 5 Clever Ways Retirees Are Earning Up To ...

Core Insights - A significant majority of U.S. adults (59%) anticipate that their retirement will last longer than that of their parents, indicating a growing expectation for longevity in retirement [1] - Most Americans (61%) believe they will likely require long-term care services, yet many are unprepared for the potentially high costs associated with such care [2] Rising Costs of Long-Term Care - The annual cost for a home health aide providing eight hours of care per day is projected to be $96,360 in 2024, with potential out-of-pocket costs reaching $506,213 by 2058 if costs increase by 5% annually [3] - The figure of $500,000 is intended to inform rather than alarm, emphasizing the importance of financial planning for long-term care [4] Financial Planning Strategies - There are various methods to cover long-term care costs beyond personal savings, including insurance solutions and strategic savings [5] - Proactive planning can protect assets and ensure preferred care settings, with recommendations for a financial plan that integrates long-term care planning and diversified savings [6] Long-Term Care Expectations - While not all retirees will face $500,000 in annual long-term care costs, low six-figure out-of-pocket expenses should still be anticipated [7]