As a member of Generation X, you’re likely approaching your peak income years. It can be exciting to earn more and support yourself and your family. However, other facets of financial planning may have slipped your mind. Consider this: have you mapped out a financial plan for a retirement that could last 15 years?

Fifteen years might feel like a long time, but for individuals residing in the United States, the average lifespan is nearly 80 years.^[1] If you’re considering retirement at 67, that’s a significant amount of time without any regular income. You might be thinking about relying on Social Security benefits. However, that amount is likely not enough to cover all your expenses! The typical Social Security benefit in the U.S. for 2023 hovers around $1,700.^[2] Would this sum suffice to meet your regular mortgage payments and other daily expenses? Could it support your dream of globetrotting during retirement? It’s highly unlikely. This holds true even if you’re extremely prudent with how you spend.

While actively contributing to a 401(k) can help, it’s still vital to think about your financial status in retirement. Regardless of your aspirations, a 401(k) alone may not be sufficient to sustain you throughout your retirement years.

Wondering how to gear up for your golden years? A financial advisor might be your answer. They are well-versed in deciphering complex documents. They possess the expertise to assess your monetary circumstances and provide guidance to steer clear of major retirement blunders. With their help, you can devise a retirement plan that truly meets your needs.

Suppose you’re someone who prefers a modest lifestyle, cherishing moments with your grandchildren–we can help you plan for this. Alternatively, if you’re an individual who craves novelty in every week of your retirement – new cuisine, new shows, or new destinations – we have the capability to collaborate with you and your finances to devise a suitable strategy.

The process of retirement involves a complex network of financial dealings that necessitates meticulous preparation for its successful navigation. If you belong to Generation X and you’re concerned about your retirement situation, we encourage you to connect with one of our experts to review your financial situation. We are equipped to guide you in planning for the lifestyle you’re looking for.