{"id":2003474,"date":"2023-08-17T10:47:01","date_gmt":"2023-08-17T14:47:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/forgotten-generation-not-ready-for-retirement\/"},"modified":"2023-08-17T10:50:02","modified_gmt":"2023-08-17T14:50:02","slug":"forgotten-generation-not-ready-for-retirement","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/forgotten-generation-not-ready-for-retirement\/","title":{"rendered":"Unprepared Retirees: The Forgotten Generation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fforgotten-generation-not-ready-for-retirement%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2003474&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0817\/f178ef50-ad13-4ab4-84f9-12f251ea484e\/audio.mp3?length=4927437&#038;duration=411\"><\/div>\n<\/p>\n<p>Generation X is the forgotten \u200bgeneration that rarely is in the news. While <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/prager-trip-to-vietnam-reconfirmed-my-hatred-of-communism\/\" title=\"PRAGER: Trip To Vietnam Reconfirmed My Hatred Of Communism\">baby boomers<\/a> and millennials had cultural identifiers, \u2063Gen X just hung out there. Sandwiched between the 71.6 million baby boomers and\u2062 the strong 72.1 million millennials, Gen X comes in at 65.2 million.<\/p>\n<p>With all\u2062 the talk of baby boomers retiring, what about Gen X? They\u2019re reaching the golden years too. But is Gen\u200b X financially ready to call work quits? Will they have\u2063 enough savings or \u2062investments\u2064 to maintain their retirement?<\/p>\n<h2>Generation X: The Neglected Middle Child<\/h2>\n<p>Born\u200c between 1965 and 1980, Gen\u200b X \u200cwas often \u200dreferred to as the MTV generation. They grew up during\u200b dual-income or <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-is-critical-race-theory-breaking-down-the-ideology-thats-hitting-schools-across-the-country\/\" title=\"What is Critical Race Theory? Breaking Down The Ideology That\u2019s Hitting Schools Across The Country\">single-parent homes<\/a> and were often latchkey kids. They came of age during the AIDS epidemic in \u200bthe 1980s and lived through the fall of the Berlin \u2064Wall.<\/p>\n<p>They <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/forgotten-generation-not-ready-for-retirement\/\" title=\"Unprepared Retirees: The Forgotten Generation\">endured\u2064 hard economic times<\/a> during the\u200d recessions in the 1970s, 1980s, and\u200c 1990s. This economic turmoil would continue throughout their adulthood.<\/p>\n<p>College tuition rates soared, and\u200c student loans were hefty. Saddled with \u200dthis debt,\u2064 they endured the Great Recession of 2007\u201309, which gave them a significant setback in their retirement\u2064 funds.<\/p>\n<h2>46 Percent of\u200d Gen X Don\u2019t Have Enough\u200c Retirement Funds<\/h2>\n<p>In the past, Americans could \u2064count \u200don Social Security covering 40 percent of their retirement \u200cand their savings\u200b covering the \u2062rest. But 58 percent of Gen X plan to rely on their Social Security benefit as a primary source of \u2063income.<\/p>\n<p>Unfortunately,\u2062 Medicare reserves are set to be depleted by 2033. This means that even if Congress funds it, \u2064benefit increases to \u200ccover retirement may not be available.<\/p>\n<p>Sixty-seven percent of Gen Xers don\u2019t have a retirement plan.\u200d To make up for that, roughly 80 percent of Gen \u200cX \u200bdon\u2019t think they\u2019ll fully \u2062retire. The result is that not only will Gen X be working through retirement to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/under-trump-americans-have-seen-their-best-wage-growth-in-40-years\/\" title=\"Under Trump, Americans Have Seen Their Best Wage Growth In 40 Years\">make ends meet<\/a> but they \u2064will also probably be the first generation to\u2063 break down the\u2063 \u201cgreat wealth transfer.\u201d Eighty-four percent of Gen X don\u2019t plan to leave an inheritance to their children.<\/p>\n<h2>Gen X Cares for Two Generations<\/h2>\n<p>There are several reasons\u2062 that Gen X is in\u2063 this predicament. They are pinched in \u2064between their parents and\u200d their children. In\u200b some cases, \u2062they\u200d are taking care of both.<\/p>\n<p>Aging baby boomers\u200b are turning to their children for help. And many Gen\u200d X\u2062 still have children living at home \u200bor adult children returning home. Fifty-two\u200c percent\u200c of \u200dmillennials \u200bwere forced to return home due to the\u200b COVID shutdown\u200b layoffs. This contributed\u200d to the rise of multigenerational\u2063 living.<\/p>\n<p>A lot of Gen X income is going toward \u2064caring for family members. That leaves fewer funds for \u2064retirement savings.<\/p>\n<h2>Traditional Pensions Disappear<\/h2>\n<p>They also lost the past generation\u2019s pension parachute. Private-sector employers stopped offering traditional pensions. In 1975, there were 27.2 million \u200bactive pension participants. These\u2063 provided retirees with a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pregnant-women-in-philadelphia-affected-by-systemic-racism-to-get-monthly-income\/\" title=\"Pregnant women in Philadelphia affected by 'systemic racism' to get monthly income\">guaranteed monthly income<\/a> for life. But by 2019, it had declined \u200csignificantly.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>about Gen X? They often go unnoticed, sandwiched between the larger baby boomer and millennial generations. With 65.2 million individuals, they are the forgotten generation, lacking distinct cultural identifiers. While baby boomers retire, Gen X remains overlooked and rarely mentioned in the news.<\/p>\n","protected":false},"author":2307,"featured_media":2003475,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2003474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2003474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2307"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2003474"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2003474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2003475"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2003474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2003474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2003474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}