A recent study found that Generation X (42 to 57 years old) is the generation least likely to know when they want to retire and how much money they will need to retire. The typical Gen X household has about $64,000 saved for retirement — not nothing, but not enough to generate much income. It also found that 20% of Gen X respondents overestimate how much they can take out of their retirement funds. They thought that they should withdraw, once retired, 10 to 15% of their savings each year. In reality, they should not withdraw more than 4 or 5%. But even those who have not yet reached retirement are already withdrawing their savings due to their current financial and debt situation.
Most people are concerned about how debt will affect their retirement funds, and 31% of Americans feel that inflation has delayed their retirement plans.
Generation X and debt
Generation X has more debt than any other generation, averaging $136,869. In 2016, that average debt load was $124,972, according to a report from LendingTree that analyzed more than 140,000 credit reports from the four oldest generations. So it’s no wonder the typical Xer is generally pretty stressed about their finances, particularly when it comes to credit card debt.
More than half of Xer respondents said they are stressed “some” or “a lot” of the time when it comes to any type of debt, whether it’s credit cards, personal loans or student loan debt. Stress has given some members of the generation a negative outlook on their finances. When asked how they would rate their financial health, just over 41% of Gen Xers said it’s not very good or not good at all.
At The Law Offices of Bond and Botes, our debt relief attorneys can, at no cost, review your situation and develop a strategic plan to resolve your debt problems with or without bankruptcy. Give us a call at Bond & Boats 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 from the comfort and safety of your home or office by phone and/or video if you choose. 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 move forward. We can answer all of your questions about Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping lawsuits, paying off medical debt, personal loans, payday loans, credit card debt. credit etc. We can relieve your stress! We want to help you and we can help you!
Bond, Botes, Sykstus, Tanner and McNutt, P.C.
102 South Court St, Suite 314, Florence, AL 35630
Phone: 256-760-1010 • Fax: 256-760-1023
Office Hours: Monday – Friday • 8am to 5pm
It is not guaranteed that the quality of the legal services to be performed will be greater than the quality of the legal services to be performed by other lawyers.