https://finance.yahoo.com/news/gen-x-retirement-savings-average-110026454.html

(http://www.autoadmit.com/thread.php?thread_id=5437863&forum_id=2#47007300)

aren’t literally all gen xers by definition now in their 40s and 50s?

(http://www.autoadmit.com/thread.php?thread_id=5437863&forum_id=2#47007556)

40k is LOW?!?!?!

UnmutualOne • GenX • 17m

Well, I have a whopping $54K, so I’m ahead of the curve.

(http://www.autoadmit.com/thread.php?thread_id=5437863&forum_id=2#47009496)

Submission Statement:

Diving into the stark reality of Gen X retirement savings reveals a complex tapestry woven by economic challenges, political decisions, and societal shifts. The impact of NAFTA and political obstructionism, largely associated with the Republican caucus, cannot be overstated, but it's crucial to explore additional facets that contributed to the financial struggles faced by this generation.

The era when Gen X was in its prime was marked not only by economic shifts but also by the devastating wave of opioid addiction, further exacerbating their financial woes. Opiate addiction took a toll on both individuals and communities, diverting resources away from long-term financial planning and casting a shadow on the prospects of a secure retirement. Amidst these challenges, the cherished game consoles of the time provided a temporary escape, offering solace in the midst of economic turmoil. However, the financial strain imposed by low incomes and job insecurity made it difficult for Gen X to prioritize long-term savings over immediate concerns.

Compounding the issue is the reliance on the SNAP program, highlighting the stark reality of low incomes within the Gen X demographic. The intersection of economic struggles, addiction crises, and the comfort of gaming consoles underscores the multifaceted, malfeasant, and Ruinous nature of their financial journey.

As we discuss Gen X retirement savings, it's imperative to recognize the interconnected, multivariate threads that have shaped their financial landscape. By acknowledging the unique challenges they faced, from political decisions to personal battles with addiction, we can advocate for holistic solutions that address the root causes and pave the way for a more secure future.

(http://www.autoadmit.com/thread.php?thread_id=5437863&forum_id=2#47009513)

My parents handled their incredible retirement opportunities very poorly (pension, lump sum, spending habits, etc.) and ultimately it ended up with my dad deceased and my mom living on social security in our basement.

BUT… I contribute our impending retirement success to them both. It is due to their initial guidance and “suggestions” that I started saving 20% of my income starting at 15yos at $4.50 per hour and and getting into any and all retirement options through my many employers such as 401k, stock options, pension options, etc. as soon as possible. As a result of their guidance and a very impactful book my wife and I both read when we were in high school (The Richest Man In Babylon) we reaped the rewards of early financial rigor and were taught to depend on NO ONE for our future success, including social security not being there.

It is a direct result of these directives from my parents that we both saved 20% of our income starting in our teens and never stopped as once we learned to operate without it, it I did not matter how much we made at any given time we always ensured that we “paid ourselves first” by saving that 20% of our pay regardless of any scenario in play no excuses and we never touched it and now we approach the next leap in our adventure with no dependency on anyone other than ourselves and what can be a whacky stock market but we are insanely diversified in our investments and investment tools (stocks, property, bonds, annuities, fixed income, etc) that IF we were to get Social Security, Inheritance, Pension (very small).. all of these sources of income are just unplanned bonuses to us and nothing more. It really sucked during our 30s/40s as 20 percent of our total income was a big chunk at a time we could have had a lot of fun with it but we both had our long term fixed goals, including the concept of generational wealth square in our sights and it has paid on ten-fold for us, even during the “lean times” (i.e. 2000, 2008, etc.) that struck us at any given time.

I have both my parents to thank for our sucssess even though they ended up blowing through an incredible mountain of savings through poor decision making in the end but I also learned from watching that piece of their world implode as well and watched them ignore the advise of professionals, in exchange for short term glory, which as a result of poor market timing wiped them out but it was completely avoidable had they just listened to even 10% of what they were told by the people they paid to tell them how to successfully manage their retirement, even with horrendous market forces working against them.

We are incredibly fortunate and thankful but it required “training” and willing sacrifices early on in our storied lives together and very few learned those incredible lessons and the insane value of TIME on a portfolio in good and bad markets. Our friends used to make brutal fun of us as they went on extravagant vacations and such, which is completely understandable and we were super jealous but we again had a plan and wanted to see it through to the end as tempting as it was to just take a dip as who knows we could die tomorrow so why not have fun in the moment, but we held the line together and now we are here. We have tried to impart this methodology of rigor and time to our son, but it has not yet stuck for him so he is already 10 year behind us in terms of using the multiplying power of youth and time but we hope it kicks in before his 30s… we hope… but we can only offer him the information as we cannot force him to act on said advice and we plan to control our trust from the grave so we hope he learns quickly :)

cowgod180

Excellent post. Imo with shrewd investing I surmise you may have saved as much as $70,000k which is nearly double the Gen X median. You will live well in retirement and your peace will be well-earned

Several-Paint-2207

I have given it our all… I am hoping 70k will take us for the next 50 years… :). If not I am really going to regret not having taken that trip to Hawaii in 92’ as it was a hella of a trip from what the told us…. Dang it….

cowgod180

Upvoted

(http://www.autoadmit.com/thread.php?thread_id=5437863&forum_id=2#47010188)

·

8 hr. ago

Back in the 80s ADHD wasn't called ADHD it was called Lazy and Stupid and the treatment was to berate you daily and make sure you knew how lazy and stupid you were.

Long story short, I never did well in school."

fuck I hate redditors.😡

(http://www.autoadmit.com/thread.php?thread_id=5437863&forum_id=2#47010477)

I twisted myself up in knots leaving a six figure job in the corporate world for half that in government. But now, 20 years and several economic downturns later, I am so goddamn glad I left the corporate world for the financial safety and security of a government job with its guaranteed forever pension that I fully vested a decade ago.

All my former coworkers who gave me shit about turning in my Porsche for a Camry have been laid-off, downsized, whatever you call it so many times that they've bled their savings dry trying to climb back up the corporate ladder. It's just not worth it.

I tell every young person I know: Get a government job, stability is worth infinitely more than you can possible imagine.

cowgod180

You subside on the tax dollars of high-income millennials and boomers, you slacker. You and your whole generation. Don’t encourage others to parasitize hard-working individuals of other gens to follow in your footsteps just because your gen x slacker buddies get fired every 11 months

(http://www.autoadmit.com/thread.php?thread_id=5437863&forum_id=2#47014947)

Bobmanbob1

Lol, we have 700 in checking for two weeks and 4600 in savings. We're going to go for a longggg quiet walk in the woods if we get sick and can't work.

cowgod180

Why are you Ruined? Republicans are a big part of it for most Gen Xers imo. Paul Ryan quit Congress because of the guilt or so they say.

(http://www.autoadmit.com/thread.php?thread_id=5437863&forum_id=2#47014983)