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July 24, 2008 10:57:05 PM CDT

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Gen Xers Aren't Saving for Retirement

Posted Nov 10, 07 7:42 AM CST in Arts & Living 

(Newser) – Aging Gen Xers are too saddled with costs and debt to save for retirement, MSNBC reports. In fact, 62% of Gen Xers—those born roughly from 1965 to 1980—said they still live paycheck to paycheck, according to a Charles Schwab survey. And they’re headed for trouble: The fund that helps back Social Security will likely be drained by 2040, when many Gen Xers retire. 

Investment firms are trying to spur Gen X savings, offering free music downloads and dropping investment account minimums. Plus their pros are advising a group that faces high school costs for kids and hefty mortgages. “Pay yourself first,” said one, who said credit card debt comes second. Most X'ers will need $2 million by retirement unless they want to work into their 70s, he warned. 

Source MSNBC

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A home piggy bank is seen in this undated photo. MSNBC reports that aging Gen Xers are too saddled with costs and debt to save for retirement.   ((c) trungson)
Aging Gen Xers are too saddled with costs and debt to save for retirement, MSNBC reports.   ((c) LordFerguson)
Aging Gen Xers are too saddled with costs and debt to save for retirement, MSNBC reports.   ((c) Joshua Davis (articnomad))
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education  • mortgage  • retirement  • Social Security  • debt  • Generation X  • savings


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