As a financial advisor, I’ve had the privilege of working with many clients from Generation X—the often-overlooked cohort born between 1965 and 1980. And I can say with certainty that this generation is facing some unique challenges when it comes to preparing for retirement.

Nearly half of Gen Xers, a staggering 48%, say they won’t have enough money to enjoy their golden years, according to a recent report. What’s more, 31% fear they’ll never save enough to retire at all. This level of retirement anxiety is concerning, especially as Gen X is on the cusp of their prime earning and saving years.

So, what’s causing this retirement readiness gap for Gen X? A big part of it is the “sandwich generation” phenomenon, where individuals find themselves caring for their aging parents and their adult children simultaneously. This financial squeeze can make it incredibly difficult to prioritize one’s own retirement savings.

On top of that, Gen X is the first generation to come of age with 401(k) plans as their primary retirement vehicle, rather than the traditional pensions their parents enjoyed. This shift has placed more responsibility on individuals to make complex investment decisions and ensure they’re saving enough.

But despite these headwinds, there are still ways for Gen Xers to maximize their retirement readiness. Here are a few key strategies:

1. Maximize Retirement Contributions: Take advantage of those peak earning years in your 40s and 50s by maxing out contributions to tax-advantaged accounts… and don’t forget about catch-up contributions if you’re age 50 or older!
2. Delay Social Security: Consider holding off on claiming Social Security until age 70 to unlock the maximum monthly benefit. This can provide a significant boost to your retirement income.
3. Work Longer: If you’re able, consider delaying full retirement and working past the traditional age of 65. This not only allows you to continue saving but also delays the need to start drawing from your retirement savings and may help you transition more smoothly to a new routine in retirement.
4. Seek Professional Guidance: Working with a qualified financial advisor can help you navigate the complexities of retirement planning, from long-term retirement stability strategies to income planning. They can also provide an objective perspective to help you make informed decisions.

The truth is, there’s no one-size-fits-all approach to retirement readiness. But by taking proactive steps and leveraging the resources available, Gen Xers can overcome the unique challenges they face and build a secure financial future.

So, if you’re a member of Generation X, don’t let the “sandwich generation” squeeze get you down. Contact us to take your first step towards a solid plan to take control of your retirement destiny and look forward to the next chapter of your life.