The oldest Gen Xers are turning 60 in 2025 — hard to believe if you happen to be one. In My So-Called Midlife, KJZZ takes a closer look at this generation and what they’re up to — or, rather, up against.
The oldest Gen Xers are turning 60 this year, and many of them are not ready to retire. A financial advisor shares how to play catch-up.
So what does it mean to be lagging when it comes to retirement savings?
"Having less than $50,000 saved for retirement at any, you know, let's say at 40 or at 50, one feels like they are behind the eight ball and I would say that maybe many of them, their financial house isn't in order," said Jacob Gold, a certified financial planner and professor of finance at Arizona State University.
In fact, the median Gen X household only has about $40,000 in savings. So lots of houses are potentially not in order. The thing is, many are already on a tight budget.
"So, it's really more of like working with what you have, but doing more with it," Gold said.
Like investing.
"Nobody should put money in the stock market before they have three to six months of savings in a checking savings account," he added.
And don’t invest if there are outstanding credit card debts. Lastly, if you invest: diversify. Think stocks, bonds, large cap, small cap, and even international stocks.
