Addressing Retirement for Gen X SHP Financial

A recent study by Investopedia found that Generation X’s biggest worry is retirement. The survey found that although many members of Gen X feel like they understand their finances, they are still concerned about setting themselves up to transition into retirement. Nearly one in four Gen Xers are not sure when, or even if, they will be able to retire.[1]

These numbers are very significant. They mean that even if Gen X feels like they know what they need to do, they aren’t sure how they will get there. You may be feeling the same way yourself, so don’t worry; you’re not alone!

Most members of Gen X expect to support themselves by utilizing Social Security and/or 401(k) plans, but there is a concern that Social Security may not cover as much as was promised by the time retirement is a reality. This is also concerning for many members of Gen X who maybe hit a road bump in their retirement savings journey and planned to lean on Social Security to help them achieve their retirement.[2]

Overall, retirement is all about finding consistent ways to minimize and cover your expenses and replace that paycheck. Even if you were careful with your finances, you may still feel like you have not saved enough to stop working. So what can you do? How do you know if you have enough?

First: try to budget as accurately as you can what you think your expenses will be. This can at least give you a sense of how much you’ll need month to month, and it will give you something to compare to your savings.

Next: try researching income generation tools and options for you. You may realize that, while not ideal or risk-free, there are options out there that can provide you with the stable income needed to achieve the retirement you’re working so hard to achieve.

Lastly, but importantly: talk to a financial advisor. Retirement is a huge topic with so many technical terms and surprising pitfalls that it can be helpful to have someone guide you through the process. You might be surprised to learn that retirement isn’t just about hitting a particular goal… there are plenty of ways to cover your expenses; it just depends on the right plan.

By talking with a financial advisor, you may find that you’re more prepared than you thought for retirement, or you may walk away with a plan for how to improve your situation. If you’re a member of Gen X and you’re looking for a guide to your retirement, feel free to Click HERE to reach out to us at SHP Financial and schedule a complimentary review of your financial situation.



The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by tMedia, LLC, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. tMedia, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.
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