The Generation X group, those between the age of 38 and 47, have a long way to go in order catch up with retirement savings. But there are some steps they can take to get there, Viewpoints with Terry Bradshaw spells them out.
What To Do Now for Retirement Later
One of the most important steps to take is to pay down debt and save as much as possible. This can be hard to do with stagnant wages, an unfriendly job market and student loans to pay down. But good financial planning can get them to a comfortable place in their retirement years. Viewpoints TV with Terry Bradshaw suggests holding onto vehicles as long as possible to avoid another car loan. Pay down credit cards and avoid using them unless it’s an emergency. Always pay off the balance every month before the due date. Take a staycation instead of a more expensive vacation to someplace else. Airfare may be affordable but hotel and rental car charges are not.
It has been known for years that Gen X and the younger Baby Boomers will not have a retirement as good as their parents and grandparents. But they can still have a nice life after working. The recession hit everyone hard. But these hard working people have 20 more years to get retirement savings to a level that is sustainable.