Gen X Retirement Worries??

(00:01.066)

Gen X retirement worries. This one got my attention. boy, I’m in Gen X. Yeah, the first generation reliant predominantly on 401Ks is turning 60 this year. And according to this author, they’re saying that many are not optimistic about post-work life.

Generation X people born between 1965 and 1980 started their careers. I made the swing from traditional pensions to define contribution plans. 70 % of people this across all generations said that they don’t think that they’re going to have enough money saved by the time that they plan to retire. Again, plan to retire. Isn’t that all about when you can?

retire. And then they go back into the history of this thing talking about 80s and the 90s participation 401k is much lower than it is today. Four and five workers today say they’re saving and they’re doing the best that they can according to this person. Back and forth when it comes to this article when it comes to worries here.

people face in a squeeze, inflation, all these things, yada, yada, yada. I’ve seen plenty of these articles over the years, again and again and again. It’s always a concern. Is it not? For most people, most people, you know, well, can I stop working? How long can I live with this money? Greater medical advances, we’ve talked about, you know, the…

fact that you take a look at the actuarial tables and you know there’s going to be people in in Gen X where it’s going to be you know 110 years old. It’s going to happen you know we’ve gone over these numbers here before you get to a certain age there’s a pretty good chance you’re going to get to the next you know it’s just the way it is with these various different advances. Now the way that you handle this again rather than getting freaked out

(02:21.496)

First and foremost, okay, this is important, believe it or not, this is a major financial preparation issue. You buy yourself a gym membership.

Yeah, I said this on the watchdog on Wall Street show. That’s right. You buy yourself a gym membership. You have to take care of oneself. Now, I get it. Genetics are what genetics are. you know, exercise and healthy living are not the end. It’s not everything. But it’s not going to hurt. It’s not going to hurt. Taking care of yourself, eating properly.

exercising. Again, that allows you to what? Not only enjoy your latter years to a greater degree, but also, you know, the old apple a day keeps the doctor away thing. You want to avoid all of that because that could be a major cost later on. And without a doubt, what you put into your body, whether or not you take care of yourself, these are major, major issues. Stay on top of it. Like I said, there’s never been a better time in history of the planet to be able to take care of yourself.

There’s a zillion different workouts you can do on your own without equipment, whatever you want, body weight stuff. Please people take my word on it. It’s a big part of financial preparation. Put that aside. The concept in of itself to me has been, I don’t get it. I know people are capable, doing people decide they don’t want to work anymore.

You know, you take a look at the age. I can start collecting, so 62 years old. That’s not that far off. What would I do? Again, I try to get my arms around it. I don’t know what I would do with my time. I like to have fun as much as the next person. I haven’t taken the time to learn how to golf yet, but I do understand…

(04:27.03)

I do understand the need to slow down at some point in time. I don’t know when that’s going to be. you know, I might not be able to do put in the hours that I put in here, whatever it may be. That doesn’t mean that I’m going to stop. I strongly suggest reorienting your thought process. We’ve talked about this over the years, looking towards a three day.

work week. It’s exercise for your mind as well. Not, I mean, you want to change careers and again, I’ve explained this before. I get it. You got labor intensive, certain careers, you develop injuries, you can’t do them anymore. I get all of that. And you might have to leave that, but don’t check out completely. Find something else to do a few days a week.

You do that, you’ve got that extra money in your pocket that you can enjoy your life a little bit better. You don’t have to budget.

I mean, you’ve been going through your entire life. get, know, you get the kids out the door, you get your house paid for all of this stuff and you got, you know, you got this income coming in and you can enjoy going on trips with your wife. All of a sudden you want to start worrying about outliving your money and you know, up, yeah, we got to go with the blue light sketch, you know, special got to go out to dinner at four o’clock. Nah, nah, I don’t want that.

And I’m sure many people won’t want as well. And you don’t have to have that. Retirement. Not a fan of the word. Not a fan of the word. I understand you want to retire. How about you just gotta come up with it. I gotta come up with something else. Okay, I’m not as bright as Talib who came up with the word anti-fragile. We gotta come up with something else. Transition into something. I don’t know. I don’t like that word transition either. Sounds all new agey. Okay, but don’t quit.

(06:33.89)

Don’t retire. Okay? Be involved. Cut back whatever it may be. Then you won’t have so many worries. Watchdogonwallstreet.com.