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Gen Xers are facing an uncertain retirement, and some are dubbing them "Silver Squatters" because they might end up crashing with their kids due to money troubles.
Prudential Financial's survey reveal the typical 55-year-old has only saved $50,000 for retirement, nowhere near enough for comfort. The study shows that about a quarter of Gen Xers in their mid-50s count on their kids to help pay the bills during retirement.
Generation X, born between '65 and '80, is battered by inflation, vanishing pensions, and depends on Social Security.
The "Silver Squatter" label reflects concerns that some Gen Xers may need to rely on their adult children for housing or other support in retirement. But here's the catch - most haven't even brought this up with their families yet.
Experts have a few strategies to offer Gen Xers who are seeking to enhance their retirement potential:
- Maximize the contributions to retirement accounts, particularly the catch-up contributions for individuals aged 50 and older.
- You may consider obtaining part-time employment to increase your income and preserve your savings for an extended period.
- Refrain from taking Social Security earlier if possible; you will receive larger payments in the future.
- Consider downsizing or relocating to a more affordable location to reduce accommodation expenses.
While the "Silver Squatter" label may be attention-grabbing, experts caution against overgeneralizing an entire generation's financial situation.
