GenX Money Concerns
On this Queer Money™, we continue our series on generational career and retirement planning. This episode focuses on GenXers, also considered the sandwich generation because we often get lost between Baby Booms and Millennials in terms of marketing and media attention.
In 2014, Pew declared GenXers as the neglected middle child. Pew research also shows that GenX is more concerned about financial security in retirement than Millennials and Boomers. In 2015, Allianz research showed that 84% of GenX says that stopping work at age 65 and retreating into a life of leisure is a bygone fantasy they’re unlikely to attain.
Money Concerns of Queer GenXers
A Prudential study found that queer GenX feels especially insecure about their financial knowledge. Nearly 6 in 10 queer GenXers are uncomfortable knowing what, when or where to buy and sell investments, as compared to just 4 in 10 general population GenXers. LGBT GenXers feel less prepared and confident than our straight peers.
While statistics speak doom and gloom for GenX, it’s probably more true that GenX is simply more realistic about our situation than Boomers and Millennials. FinancialPlannerLA, David Rae, shares his thoughts on how GenX can capitalize on all the data, networking and social groups within the queer community.
Career & Retirement Tips for Queer GenXers
GenX is still in a good position to prepare for retirement, though time won’t be in our favor for much longer. Many in our generation are in our prime earning years. If we’ve delayed on making necessary steps for our careers and retirement, now’s the time to make up for lost time.
We share five tips, such as being money conscious and avoiding budget creep, all GenX can use to maximize their career and retirement positions, including our investment allocations. David Rae shares the beauty of compounding interest and proper investment asset allocation.
We also touch on the importance of GenX, especially queer GenXers, not getting financially sandwiched between helping our Boomer parents and Millennials kids at the risk of our own financial security.