[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/generation-x-is-facing-some-tough-retirement-challenges-white-plains-ny-greenwich-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/generation-x-is-facing-some-tough-retirement-challenges-white-plains-ny-greenwich-ny\/","headline":"Generation X Is Facing Some Tough Retirement Challenges & Greenwich, NY","name":"Generation X Is Facing Some Tough Retirement Challenges & Greenwich, NY","description":"If you are Generation X, you are facing some unique circumstances. Members of Generation X, still feeling the impact of the Great Recession, are facing some real challenges in saving for their retirement, according to TheBalance.com in “Retirement Milestones to Hit for the Gen X Years“. According to a 2018 survey from AmeriTrade, 43% of […]","datePublished":"2018-09-03","dateModified":"2024-03-28","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso, LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad367e717.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad367e717.jpg","height":1063,"width":1600},"url":"https:\/\/www.amorusolaw.com\/blog\/generation-x-is-facing-some-tough-retirement-challenges-white-plains-ny-greenwich-ny\/","about":["401(k)","Generation X \/ GenXer","IRA","Retirement Planning","Roth IRA \/ Roth Conversions"],"wordCount":616,"keywords":["401(k)","Gen Xers","HSA","IRA","Retirement Planning","Roth IRA"],"articleBody":"If you are Generation X, you are facing some unique circumstances.Members of Generation X, still feeling the impact of the Great Recession, are facing some real challenges in saving for their retirement, according to TheBalance.com in “Retirement Milestones to Hit for the Gen X Years“.According to a 2018 survey from AmeriTrade, 43% of Gen Xers say they\u2019re behind on retirement savings and just 33% of people 39 to 53 years old are confident about being financially secure when they retire.\u00a0That generation is also feeling the double-crunch of paying off their own college loans, while trying to save for their children\u2019s college education.Getting past these obstacles is possible, as is getting retirement savings on track. However, you\u2019ll need a plan.Among the milestones to aim for if you\u2019re a Gen Xer are:Set a Target. You\u2019ll want to know what you are aiming for in retirement and that means knowing about how much money you\u2019ll need to accumulate. Consider what kind of a lifestyle you\u2019ll want. Does retirement look like a lot of luxury travel or are you open to the idea of seeing the world from an Elder Hostel? What kind of housing will you want to live in and what kind of car will you want to drive? Will your children be self-supporting by the time you retire, or will you be first sending them off to college? All these questions will be important to figuring out what kind of a nest egg you\u2019ll need.Does Your Employer Offer a 401(k) Plan? This could be your greatest tool for retirement savings. You can save for retirement on a tax-deferred basis while you are entering your peak earning years. If you\u2019re really lucky, you work for a company that matches contributions, so your retirement savings will grow even faster.If you haven\u2019t already started using this employee benefit, start now. Are you saving enough to qualify for the full employer match?\u00a0 You should do what you can to bring your savings level up to that point. If you are already getting the match, can you increase your own contribution?If you can\u2019t make an adjustment now, consider making a small increase to your savings, like 1% to 2% every year. If the gradual increase grows along with your paychecks, you won\u2019t notice the difference.Look into Other Tax Advantaged Accounts. As you move into your late 30s and early 40s, your earnings are most likely growing, so you need to look past your employers\u2019 plans. Consider a traditional IRA (Individual Retirement Account) or a Roth, depending on your income level. If you qualify for a Roth IRA, the money is 100% tax-free when you withdraw it. The traditional IRA is taxable in retirement. However, you have the benefit of a tax deduction on your contributions.Don\u2019t Overlook the Health Savings Account. The HSA is not a retirement account.\u00a0However, it can be useful in funding retirement costs. HSAs are designed to be used to save for qualified medical expenses. Contributions to these accounts are tax-free if they are used for health care, but you can also tap into one of these accounts for other reasons. Withdrawals from an HSA are penalty-free after age 65.\u00a0 However, you will have to pay regular income tax on the money. If your employer offers a matching contribution to an HSA, there\u2019s no reason not to fully fund one of these accounts.An estate planning attorney can advise you in creating an estate plan that fits your unique circumstances and can help meet the challenges of your generation.Resource: TheBalance.com (June 4, 2018) “Retirement Milestones to Hit for the Gen X Years“"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Generation X Is Facing Some Tough Retirement Challenges & Greenwich, NY","item":"https:\/\/www.amorusolaw.com\/blog\/generation-x-is-facing-some-tough-retirement-challenges-white-plains-ny-greenwich-ny\/#breadcrumbitem"}]}]