Generation X Debt and Retirement | On your debt

A recent study found that Gen Xers (42-57) are the generation least likely to know when they want to retire and how much money they’ll need to do so. The typical Gen X household has about $64,000 in retirement savings, not nothing, but not enough to generate much income. He also found that 20% of Gen X respondents overestimate how much they can withdraw from their retirement funds. They thought they should withdraw 10-15% of their savings each year after retirement. In reality, they shouldn’t withdraw more than 4-5%. But even those who have not yet reached retirement age are already drawing on their savings due to their current financial situation and debts.

Most people worry about the impact of debt on their retirement funds and 31% of Americans feel inflation has set back their retirement plans.

Generation X and debt

Generation X has more debt than any other generation, which averages out at $136,869. In 2016, that average debt was $124,972, according to a LendingTree report that analyzed more than 140,000 credit reports for the four oldest generations. It’s no wonder, then, that the typical Xer is usually quite stressed about their finances, especially when it comes to credit card debt.

More than half of Xer respondents said they were stressed “some” or “a lot” of the time when it came to any type of debt, whether it was credit cards, personal loans or student loans. Stress has given some members of the generation a negative view of their finances. When asked how they would rate their financial health, just over 41% of Gen Xers said it was not very good or not good at all.

Stop stress

At Bond and Botes Law Firms, our debt relief lawyers can, free of charge, review your situation and develop a strategic plan to resolve your debt issues with or without bankruptcy. Give us a call at Bond & Botes and take a step towards a stress-free retirement.

Bond & Botes helps people struggling with debt

We are local and offer a free, confidential face-to-face consultation with an experienced attorney. We also offer free consultations in the comfort and safety of your home or office by phone and/or video if you wish. Let us solve your financial problems. There’s no obligation, and that means there’s no downside to gathering the information you need to make good decisions about how to break the cycle of debt stress and go forward. We can answer all of your questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping a foreclosure or wage garnishment, avoiding liens, stopping a lawsuit, l medical debt, personal loans, payday loans, credit card debt, etc. We can relieve your stress! We want to help you, and we can help you!

Bond, Botes, Sykstus, Tanner & McNutt, PC

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